Cross-border settlements problem solved to some extent with broader ruble use, this will continue - Putin

MOSCOW. Sept 25 (Interfax) - The problem of settlements under foreign trade contracts has been solved largely by using the Russian ruble in them, and this will continue, Russian President Vladimir Putin said.

"It has become more difficult both to receive payment for export deliveries and pay for imported goods. We have managed to solve this problem to some extent. Last year, the share of settlements for Russian exports in so-called toxic Western currencies was halved, while the ruble's share of foreign trade settlements is approaching 40%," Putin said during an extended meeting of the State Council Presidium on the issue of export development.

Putin said that from 2021 to 2023, the ruble's share of settlements for exports increased almost three-fold to 39%, and its share of settlements for imports increased to 30%.

"We continue to work in this area, and, together with our foreign colleagues, we plan to use national currencies more widely, to conduct settlements through clearing payment systems in good shape, and so on and so forth," he said.