Russia ditches the dollar in more than half of its exports

The dollar share of Russian exports dropped below 50% for the first time on record in the fourth quarter following a multi-year Kremlin campaign to reduce the country’s vulnerability to U.S. assets.

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 on Monday. The common currency’s share in total exports jumped more than 10 percentage points to 36%, the data show.

Multiple rounds of sanctions and the constant threat of more to come has pushed Russia to find ways to isolate its economy from U.S. interference. The central bank has also stripped back holdings of Treasuries in its international reserves, loading up on gold and euros instead.