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Russia Ditches the Dollar for Bulk of Its Exports to China

  • China pays for more than 50% of goods from Russia in euros
  • Putin has strategy to “de-dollarize” the Russian economy
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Photographer: Chris Ratcliffe/Bloomberg

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Russia now receives more euros than dollars for its exports to China, in the latest sign President Vladimir Putin is plowing ahead with his pledge to reduce dependence on the U.S. currency.

Just over 50% of the goods China bought from its northern neighbor in the first quarter were priced in euros, according to Bank of Russia data published this month. The share of the currency in payment for exports to the European Union increased to 43% from 38% at the end of last year, the data show.