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Dollar Falls Below 50% In Russia’s Export Mix

Dollar Falls Below 50% In Russia’s Export Mix
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The share of Russian exports sold in U.S. dollars has fallen below 50% for the first ever time, according to Central Bank data analyzed by Bloomberg.

In the fourth quarter of 2020, 48% of Russia’s exports were sold in dollars — down from a 61% share registered in the same period a year earlier.

The fall below 50% is a symbolic achievement for Moscow’s high-profile dedollarization drive, as big state-controlled exporters have renegotiated contracts in a bid to reduce Russia’s reliance on the U.S. dollar. In 2013, Russia received 80% of its export earnings in dollars…

To read more visit The Moscow Times.

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