Macro Trends

Russia Accelerates Dollar/Euro Ditch, But Move Has Limits

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  • Russia is now receiving payment for some of its oil in non-Western currencies, including the yuan, United Arab Emirates dirham and ruble.
  • This is a central part of Russia’s decoupling from the West and closer alignment with “friendly” countries from Asia and the Mideast. 
  • But Russian exporters fear they could be burdened with currencies that are not fully convertible, creating liquidity headaches and conversion costs; neither does the move fully insulate Russia from US sanctions' reach.

The Issue

Sanctions, Macroeconomics , Oil Trade, Ukraine Crisis
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