mo4ch:>Russia excels in ditching dollar ahead of pending US sanctions against country’s financial system | Mo4ch News

The list of the countries currently taking active steps towards eliminating their economic reliance on the US dollar is growing. Russia has joined a league of nations is making a lot of headway with the task, the WSJ reports.The share of foreign currency in corporate and personal deposits in Russia has declined to 26 percent in September from a 2016 peak of 37 percent, the newspaper reports, citing data from the Central Bank of Russia. Meanwhile, the share of dollar-priced export revenues reportedly dropped to 68 percent in the second quarter of the current year from more than 80 percent five years ago.Read more Rapidly growing trade turnover with Russia’s partners in Asia, particularly China, is seen as one of the success criteria of the work on de-dollarizing the economy. The share of Russia-China trade priced in national currencies has quadrupled in four years to some 19 percent of the entire turnover, and is set to grow further, Moscow-based economist at ING Bank Dmitry Dolgin told…