The currencies Russia's exports are invoiced in

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U.S. dollarEuroRenminbiRuble

The currencies Russia's exports are invoiced in. 4 series: U.S. dollar, Euro, Renminbi, Ruble. Latest, 2023: U.S. dollar 22.91%; Euro 8.59%; Renminbi 26.27%; Ruble 38.81%.

After the 2022 sanctions Russia's exporters moved from dollars and euros to renminbi and rubles. The renminbi line starts in 2022, when the dataset first reports it.

See also: Laurence Wilse-Samson, "Global Finance: A Money View", chapter 22, Commodities and Trade Finance

Classroom exerciseCompute the dollar, renminbi and ruble shares in the first year shown and in the latest year. How much of the dollar's lost share went to the renminbi and how much to the ruble? What does that say about where sanctioned trade goes? Teach page

Percent of goods exportsBoz et al. (2025), IMF Working Paper 25/178, Global Trade Invoicing Currency Patterns Database (ICPD 2.0), from the Bank of Russia's reporting.Data through 2023✓ Checked against Boz et al. (2025), ICPD 2.0 (version of 29 Aug 2025), Russia 2023, exports invoiced in renminbi, 26.27 percent

Cite asBalance of Power, "The currencies Russia's exports are invoiced in", data through 2023. Source: Boz et al. (2025), IMF Working Paper 25/178, Global Trade Invoicing Currency Patterns Database (ICPD 2.0), from the Bank of Russia's reporting.

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Latest values
DateU.S. dollarEuroRenminbiRuble
201669.2014.10—14.80
201768.2015.60—14.30
201867.3017.30—13.60
201962.0020.60—15.00
202055.8027.40—14.70
202154.5029.70—14.30
202239.9724.077.5127.43
202322.918.5926.2738.81
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With: Share of exports invoiced in U.S. dollars

Provenance
Inputs
ColumnSourceSeries keyStatusData through
usdbozRUS/ExportUSDlive2023
eurbozRUS/ExportEURlive2023
cnybozRUS/ExportCNYlive2023
rubbozRUS/ExportHomelive2023