mo4ch:>Russia undermines US dollar dominance by shifting trade to local currencies | Mo4ch News

Russia has nearly halved the share of the US dollar in trade with India and China and continued to reduce the use of the greenback in deals with the EU, sticking to its pledge to de-dollarize the economy.It’s the first time that the dollar has lost the leading position in Russia’s export trade with its main trading partners. As of the end of the first quarter of 2019, more than 75 percent of Russian exports to India were paid for in rubles. Local currency trade has nearly quadrupled compared to the same period last year and more than doubled since the end of 2018.In settlements with China, the total share of rubles and euros overtook the dollar. Thus, transactions in euros skyrocketed from 0.7 percent in the first three months last year to the current 37.6 percent, while the share of rubles rose almost three percent to 9.6 percent. Meanwhile, the share of the greenback over the same period dropped from more than 87 percent to 45.7 percent.Also on rt.comRussian gold reserves top $100 b…