Photo: commons.wikimedia.org by Ural-66, https://creativecommons.org/public-domain/pdm/ Train carrying oilSharp Decline of Dollar and EuroSince 2022, the role of the dollar in oil trade settlements has collapsed from 55% to 5%, while the share of the euro fell from 30% to just 1%. Ruble Strengthens in Export OperationsThe ruble remains the leading currency in overall export operations, with a 41.3% share. Dollar and Euro Retreat from Russian TradeBy the end of 2024, the combined share of the dollar and euro in Russia’s export currency structure fell to 18.6%, down 13 percentage points from 31.6% a year earlier. Nevertheless, these currencies still dominated trade with American and European partners, where they accounted for 67.5% of settlements, according to Central Bank data. Putin on Dollar PolicyOn September 5, President Vladimir Putin emphasized that Russia was not pursuing a deliberate policy of dedollarization.