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Dollar’s Role Shrinks as 80% of Russian Export Revenues Shift to Non-Toxic Currencies

November 30, 2024
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Russia’s central bank, the Bank of Russia, has revealed that over 80% of major Russian exporters’ revenues are now denominated in rubles and “friendly” currencies, marking a significant shift from Western currencies. Deputy Governor Philipp Gabuniya highlighted this transition, noting that the share of “toxic” currencies — namely the U.S. dollar and euro — dropped […]
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