Ruble Dominates Russian Trade as China Surges, EU Declines
Russia's trade landscape has witnessed a significant shift in recent times. The ruble has emerged as the dominant currency in domestic transactions, accounting for over 50% of settlements for goods and services. Notably, 'unfriendly' nations have been actively purchasing Russian goods, with energy resources, fertilizers, nuclear fuel, metals, fish, and seafood topping the import list.
In the first half of the year, these nations spent over $25.5 billion on Russian imports. The country with the most notable increase in trade with Russia is China. In 2024, China accounts for about 30% of Russia's exports and 35% of its imports, solidifying its position as Russia's most important trading partner. This shift has been accompanied by a decline in trade with the EU, which now accounts for only about 8% of Russia’s exports.
Four years ago, certain regions accounted for 44% of Russia’s total exports. However, by the end of 2024, this figure had surpassed 85%. Russia’s trade turnover with CIS countries also increased by 7% in 2024, reaching $112 billion. This growth is part of a broader trend where Russia's foreign trade focus has shifted towards cooperation with countries in Asia, Africa, and Latin America. Exports to the EAEU, CIS, BRICS, and SCO have grown steadily.
The rise of the ruble in domestic transactions and the increased trade with 'unfriendly' nations, led by China, reflect a significant realignment of Russia's trade dynamics. This shift, coupled with the growth in trade with CIS countries and other regions, signals a diversification of Russia's economic ties, with potential implications for global trade patterns.
