Russia eliminating US dollar transactions in its foreign military deals – state arms exporter

The US dollar’s share in Russia’s military contracts with other countries is approaching zero, according to the country’s main defense contractor Rosoboronexport.

“Most of Rosoboronexport's contracts are currently concluded in rubles or in the national currencies of partner countries. The share of dollars in our contracts is steadily approaching zero,” the company’s CEO Alexander Mikheyev told reporters at MAKS 2021 Air Show.

He noted that Russia has been deliberately abandoning the dollar in payments for its export arms contracts, which, for the past few years, have brought the country about $15 billion annually in US dollar equivalent, TV channel Zvezda notes.

This follows a broader trend towards de-dollarizing the Russian economy, with the country’s Central Bank and National Wealth Fund recently cutting use of the greenback in their transactions to zero.

The state arms-export company has had a successful week, nailing 13 international contracts totaling some $1.2 billion on the sidelines of the MAKS 2021 international air show, currently underway in Zhukovsky, near Moscow.

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