Russia Shifts 50% of Foreign Trade Payments to Rubles and National Currencies
Quick Look
- Russia has transitioned approximately 50% of its foreign trade payments to rubles and national currencies, according to Deputy Prime Minister Alexander Novak at the St.
- Petersburg International Economic Forum.
- The world is increasingly adopting alternative payment systems, including blockchain, and moving away from Western currencies.
AI-generated summary
Why It Matters
The world is witnessing a significant shift in payment systems, with a move towards alternative methods and national currencies, away from the dominance of Western currencies like those of G7 countries. Russia is actively participating in this transition.
ST. PETERSBURG, June 4. /TASS/. The world is moving to new alternative payment systems and Russia has transferred about 50% of its foreign trade payments to rubles and national currencies, Russian Deputy Prime Minister Alexander Novak said at the St. Petersburg International Economic Forum (SPIEF).
"The old system, when the currency of Western countries, the currency of G7 countries, is dramatically changing now. The whole world is proactively implementing alternative payment systems. Blockchain systems and independent financial infrastructural mechanisms of payments between the countries are brought into our life. Certainly, many are making the transition to payments in national currencies," Novak said.
"I can say, for example, that more than 50% of settlements in Russia at present are already being made either on account of the ruble or on account of the currency of friendly countries. It is even above 90% with many countries, with our main partners," the official added.
The 29th St. Petersburg International Economic Forum (SPIEF-2026) is taking place on June 3-6. The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy. The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.
What to Watch
AI outlook — possibilities, not facts
Further increase in the percentage of foreign trade payments conducted in rubles and national currencies by Russia.
Very likely · Medium term
Increased adoption of blockchain and independent financial infrastructure for international payments globally.
Likely · Long term
Open Questions
- What specific alternative payment systems are being implemented globally?
- What are the main 'friendly countries' with whom Russia has high settlement percentages?
- What are the long-term implications of this shift for the global financial system?
- How will this impact the value and stability of the ruble and other national currencies?
