Overview
Recent developments in global trade have highlighted significant shifts in the way international transactions are conducted, particularly by Russia. The country has increasingly adopted national currencies for trade, reducing reliance on traditional reserve currencies like the US dollar and euro. This report examines the impact of these changes on Russia's trade practices, the broader implications for global markets, and the potential effects on the US economy and inflation rates.
Russia's International Trade
Ruble Payments for Imports:
In May 2024, the share of payments in Russian rubles for imported goods and services reached a record high of 41.8%, surpassing the previous record of 41.1% in April 2024 (Newsline KG, 2024). This trend reflects Russia's efforts to reduce dependence on Western currencies, driven by sanctions and a push for financial sovereignty.
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