Page 115 - RusRPTApr23

As a result, Russian firms now settle almost half of their international trades in rubles or yuan, Russia’s Central Bank calculated.
In 2021, the yuan was used to pay for just 0.5% of Russia’s exports. By the start of 2023, that figure had risen to 16%. That enabled the Russian authorities to reduce the use of dollars or euros from 87% to 48%, with 34% of payments made in rubles.
In payments for imports, the yuan’s share rose from 4% to 23%. At the same time, payments in dollars and euros fell from 65% to 46%, The Bell reports.
7.1 FX issues
If the average price of Urals in March-December is $60 per barrel (which will correspond to the price cap and allow Russian oil companies to use Western tankers and insurance), then the Finance Ministry needs an average ruble exchange rate of 77 rubles per dollar in 2023 to bring the amount of revenue from oil (mineral extraction tax, tax on additional income from hydrocarbon production and export duty) to the initially budgeted values, the Energy Development Center said.
The share of "toxic" currencies in settlements for Russian exports decreased from 87% at the beginning of 2022 to 48% at the end of the year, the share in imports - from 65% to 46%. The share of the yuan in settlements
115 RUSSIA Country Report Russia April 2023 www.intellinews.com