Russia using EUR for most Chinese trade

RUSSIA / FSU POLITICS - In Brief 18 Aug 2020 by Alex Teddy
On August 17 data was published by the Central Bank of Russia (CBR) stating that Russia now receives EUR more than USD for sales to China. Moscow has long wished to reduce USD usage. Over 50% of Chinese purchases from Russia are denominated in EUR. In 2019 the figure was 43%.Russia sells oil, gas, coal, metals and timber to China. Complete de-dollarization is unlikely. Moving away from the USD is to reduce vulnerability to sanctions. Rosneft changed all its export contracts to EUR in 2019.Russia still buys goods from China and the EU in USD. However, the RUB is used for 15% of exports. India uses the RUB to buy a lot of Russian goods.

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