MOSCOW – May 7, 2019 – The share of rubles payments in Russian exports to the BRICS countries increased by 7.2 times in 2018 compared to 2013, and in euros, the increase was 8 times.

According to the international audit and consulting network FinExpertiza, the share of dollar payments between the BRICS countries (Brazil, Russia, India, China and South Africa) is gradually decreasing.

“In the last five years Russian rubles payments to the BRICS countries have increased by 7.2 times to 9.4 percent and amounted to $6.3 billion, and the share of payments in national currencies – by 3.1 times [to 4 percent, or $2.7 billion],” according to the authors of the study.

Overall, the dollar’s share of exports to the BRICS countries fell by 20 percent to 77 percent, or $51 billion.

As for Russian imports, the share of the US dollar in the study period decreased by 18% – reaching $42.4 billion. The share of euro payments in imports increased by 9.3% to 4.7% (equivalent to $2.8 billion), and the share of the ruble remained unchanged (5.3%, ie $3 billion).

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The share of payments in other national currencies increased eight times during this period – to 17.7%, or $10.4 billion. At the same time, the total volume of transactions with the BRICS countries has grown to $125 billion over these five years.

“Agreements with the main trading partner of the Russian Federation – China – also show the same trend: the participation of the dollar decreases both in exports and imports. In the last five years, the participation of the dollar in the payment of exported goods decreased by 18%, and in that period it was 79% and, in imports, it fell by 20% to 72%. At the same time, exports of rubles increased by 5.2 times, while in euros they increased by 11 times.”

The most significant changes in the structure of Russian exports in currencies occurred in transactions with India, with operations in rubles increased 33.8 times (to 37.2%).

Elena Trubnikova, Chairman of the Board of Directors of FinExpertiza, explained that “the driver of the abandonment of payments in dollars and the transition to transactions in national currencies between the BRICS countries is the growth of turnover” and that only “parity of import and export operations can ensure mutual demand for the currency of the other party.”