Russian president says share of payments in rubles for export approached 40%

MOSCOW

Russian President Vladimir Putin said Wednesday that the share of the ruble in export payments increased almost threefold to 39% from 2021 to 2023.

He said at a meeting of the Russian State Council in Moscow that the share of payments for exports in so-called “toxic Western currencies,” meanwhile, halved last year.

Putin noted that problems with payments remain the key issue for exports as Western sanctions are hindering payments for exports and imports.

“We continue to work in this area, together with our foreign colleagues, we plan to use national currencies more widely, carry out settlements through clearing payment systems, platforms,” he said.

The president stressed that Russia’s experience pushed other countries to think about creating alternative payment systems, and now “all over the world, issues of creating a so-called supranational payment infrastructure are being worked out.”

“I want to emphasize this — many countries and regions of the world are doing this closely — with the possibility of using digital currencies of central banks and digital financial assets. Such a system will operate smoothly and independently of third countries,” he said.

Russia has been facing logistic problems in this regard but Moscow expects that the development of the North-South transport route would facilitate many things, he added.

He said that even in “friendly” countries Russian companies have problems finding buyers, organizing business negotiations, obtaining marketing information, protecting investors’ rights, and urged the government to address all mentioned and related issues.

• Russian State Council Presidium
• Sancations
• Vladimir Putin