Page 36 - Russia OUTLOOK 2024

Western currencies, Economic Development Minister Maksim Reshetnikov said on October 20 that the de-dollarisation of Russian trade with China is now almost complete, he told reporters on the sidelines of the Russia-China Energy Business Forum in Beijing.
Recent data from the Russian Economic Development Ministry shows that the yuan overtook the US dollar in Russia’s import settlements with China in 2022. The RMB or yuan has since been used in Russian trade with Mongolia, Taiwan, the Philippines, Malaysia, the United Arab Emirates, Thailand, Japan, Tajikistan and Singapore.
As followed by bne IntelliNews, Russian President Vladimir Putin signed a decree in November reintroducing obligatory foreign currency revenue sales by some Russian exporters for the duration of six months, according to a government statement, as the Kremlin strives to shore up the ruble's value ahead of presidential elections in 2024.
Now, reportedly, both the CBR and the government will devise a permanent currency control system in 2024 that will oblige a number of exporting companies to report on their foreign currency assets and liabilities abroad. A state infrastructure for managing foreign trade settlements and repaying foreign currency trading debt and transactions is also being considered. Specific details of the currency control plans are not yet available.
36 Russia OUTLOOK 2024 www.intellinews.com