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European buyers mostly pay in rubles

By Sead Dedovic

European buyers mostly pay in rubles

In July, European buyers mostly paid for Russian goods and services in rubles, the latest data from the Russian central bank show. The share of transactions in the currencies of "hostile" countries was just 13.1 percent, the lowest since the bank began keeping statistics.

Payments in rubles rose to 55.1 percent, up from 52.9 percent the previous month. The Russian currency's highest share was recorded in April, when it was 52.9 percent. The share of payments in the currencies of "friendly" countries fell from 32.2 to 30.2 percent.

Asian buyers mostly used rubles, with a share of 51.1 percent. Payments in the currencies of "hostile" countries accounted for 11.1 percent, while the currencies of "friendly" countries accounted for 37.4 percent of transactions.

Africa is even more prominent - African buyers paid in rubles for 94.9 percent of their purchases, while using the currencies of "enemy" countries in only 2.9 percent of their transactions.

European buyers also stuck to the ruble, with 66.3 percent of their transactions in July. Payments in the currencies of "enemy" countries amounted to 26.1 percent. The highest share of rubles and the lowest share of foreign currencies were recorded last November, at 66.6 percent rubles and 23.8 percent "enemy" currencies.

Russian importers reduced payments in the currencies of "enemy" countries, to the lowest level since the central bank began keeping records - just 14.7 percent.

Russian buyers paid for goods and services from Asia mostly in rubles, at 50.3 percent. The currencies of "friendly" countries accounted for 41.2 percent, and those of "enemy" countries only 8.4 percent.

Imports from Africa were also mostly paid for in rubles, 78.5 percent. Currencies from "enemy" countries were used in 10.2 percent of transactions.

The data shows that the ruble continues to strengthen its position in global transactions, while foreign currencies, especially from countries that consider Russia an adversary, are losing share. This shift may affect trade flows and buyer strategies in different parts of the world.

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