April 27, 2021
The more America imposes its sanctions on Russia, the more natural is the desire of the latter to avoid the risk of the consequences of these sanctions.
The rejection of the dollar in this regard is something that has been expected for a while, and is happening now.
According to central bank figures released late on April 26th, the main decline in the use of the dollar occurred in Russia’s trade with China: more than three-quarters of the dollar turnover was replaced by the euro. According to data for the fourth quarter, the share of the single currency in total exports jumped by more than 10 percentage points to 36%.
Multiple rounds of sanctions and the constant threat of future ones have prompted Russia to look for ways to isolate its economy from US intervention.
The central bank also cut its treasury holdings in international reserves, instead increasing the share of gold and the euro.