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Putin’s Bid to Ditch Dollar Picks Up as Exports Move to Euro

  • Share of exports sold in U.S. currency falls below half
  • Russia is seeking to de-dollarize its economy amid sanctions
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Vladimir Putin’s multi-year push to reduce Russia’s exposure to the dollar hit a major milestone as the share of exports sold in the U.S. currency fell below 50% for the first time.

Most of the slump in dollar use came from Russia’s trade with China, more than three-quarters of which is now conducted in euros, according to central bank data published late Monday. The common currency’s share in total exports jumped more than 10 percentage points to 36%, the data for the fourth quarter show.