Africa has reduced the use of the ruble in payments for exports from Russia – Kommersant
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African countries almost stopped paying for Russian exports in rubles in July. According to Central Bank statistics, the share of the ruble in payments for Russian exports to Africa fell to 12.7% in July compared to 48.3% in June. This happened against the background of the fall of the ruble. At the same time, the use of “friendly” currencies, including the yuan, has increased.
As follows from the Bank of Russia statistics on the currency structure for different countries, which it analyzed RBC, the share of currencies of “friendly” states in payments for exports amounted to 78.8%. This is the highest level since January 2021 (no earlier data available).
The share of “unfriendly” currencies (primarily the dollar and euro) fell to 8.5% from 12.6% in June and 58.9% in May. This figure has been falling since February 2023. At the same time, it is very changeable: in some months it was 20–30%, in others it was 50% or more.
In January 2021, the share of dollars and euros in settlements reached 98.2%. Such jumps could be influenced by the small volume of Russian trade with Africa in general. According to FCS estimates as of July 2023, Africa’s share of turnover was 3.7%. In 2022 it was even lower and amounted to 2.3%.
Abandoning the dollar, African countries switched to the ruble. In February its share was 82.4%, in March – 61.3%, in April – 44.9%, in May 35.2%, in June – 48.3%. However, in July the figure fell to its lowest level for the year – to 12.7%. This happened against the backdrop of a falling ruble exchange rate: in July, the dollar exceeded 90 rubles. At the same time, the share of the ruble in payments for imports from Africa was 34%, the dollar and euro – 47.4%, and other currencies – 18.7%.
According to the Federal Customs Service, in January the volume of exports from Russia amounted to $32.9 billion, imports – $22.2 billion. If in January the share of trade with Africa was 2.3%, as RBC notes, we can talk about trade of approximately $750 million in exports and $500 million in imports.
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