Currency Inflows to Russia Dwindle as Trade Shifts to Rubles

The flow of foreign currency into Russia is drying up as trade increasingly shifts to ruble payments, reflecting the impact of Western efforts to limit Russian cross-border transactions.

More than half of Russian exports are paid for in rubles, according to Bank of Russia data published late Wednesday. Payments in so-called friendly currencies — mainly the Chinese yuan — now account for just a third of receipts, down from nearly half at their peak a year earlier, while “unfriendly” currencies make up only 15%.