Page 100 - RusRPTJul24

The share of the yuan in the Russian foreign exchange market in May again reached a new high of 53.6%, according to the Bank of Russia's review of financial market risks. In the OTC market, the yuan's share increased by 1.3 percentage points over the previous month and reached 39.2%. At the same time, the share of "toxic" currencies on the exchange market decreased by 0.2 percentage points to 45.9%, in the OTC segment - by 1.7 percentage points to 55.4%. The decrease in the importance of "toxic" currencies in the foreign exchange market was due to a decline in the volume of trading with the euro due to the fact that its use in settlements in foreign economic activity decreased," the Bank of Russia said. In May, the share of the euro in trading turnover on the exchange and over-the-counter markets decreased by 2.8 and 2.1 percentage points in comparison with the previous month to 10.8% and 9.2%, respectively, and reached its lowest level since 2022.
In the first four months of 2024, Russia increased supplies of oil and oil products to friendly countries to 96% of the total volume, while 70% of payments for energy resources are made in national currencies, Deputy Prime Minister Alexander Novak told reporters.
Desperate to circumvent sanctions and do business with China, Russian companies resort to cryptocurrency and bartering (11-min read) For over half a year, Russian companies have been facing difficulties in processing payments with China. Fearing secondary sanctions, banks are refusing to transfer funds, leaving importers unable to bring goods into the country. Vladimir Putin raised this issue during his visit to Beijing in May, but the situation doesn’t seem to have improved. Meduza investigated how Russian businesses are trying to circumvent these trade restrictions and how these challenges are impacting the Russian economy.
Share of settlements in national currencies between Moscow and Minsk reached 93%, Russian Deputy Prime Minister Alexey Overchuk said at the St. Petersburg International Economic Forum (SPIEF). "We note the highest share of mutual settlements between our countries in national currencies. Here we have reached the level of 93%," he said. "In addition to that, 100% acceptance of Belcard and Mir cards has been ensured on the territories of Russia and Belarus," he added.
The Bank of Russia will increase foreign currency sales in June, but should significantly reduce them in July. The Bank of Russia will increase total foreign currency sales on the domestic market by a third from June 7 to June 28: the equivalent of 6.2 billion rubles. up to 8.0 billion rubles. in a day. This will happen due to a reduction in the volume of purchases of currency and gold by the Ministry of Finance from the Bank of Russia within the framework
100 RUSSIA Country Report July 2024 www.intellinews.com