Subject The paper considers the system of financial and economic relations in the international trade and international payments based on the use of Russian rubles and the currencies of Russian foreign trade partners. Objectives The objective is to assess the economic implications of the transition to international settlements between Russia and a number of countries using Russian rubles and the national currencies of these countries. Methods The methodology of the study includes the formal logic, systems approach and statistical data grouping. Results The article presents economic and foreign policy arguments underpinning the renunciation of the use of US dollars in the foreign trade of Russia. I provide the statistical data showing the foreign trade turnover between Russia and countries of the world, and compare the share of Russia's foreign trade with a number of countries with the share of foreign exchange reserves of the Central Bank of Russia located in those countries. Conclusions and Relevance The transition to the multi-currency system of international payments potentially is fraught with the risk of growth in transaction costs, and makes such international payments less practical. The multicurrency system will require a greater diversification of foreign exchange reserves of the Bank of Russia (perhaps for all foreign trade partners Russia has reached an agreement to transfer to such a system), and this will increase the degree of economic and political security of these reserves. The volatility of the Russian ruble has an adverse impact of its involvement in international payments.
Borisov S.M. Rossiiskii rubl' – rezervnaya valyuta [Russian ruble as a reserve currency]. Den'gi i kredit = Money and Credit, 2008, no. 3, pp. 17–21.
Borisov S.M. Ispol'zovanie rublya v mezhdunarodnykh raschetakh i rezervakh (kolichestvennyi aspekt) [Using the Russian ruble in international payments and reserves (a quantitative aspect)]. Moscow, Institute of World Economy and International Relations of RAS Publ., 2011, 43 p.
Borisov S.M. Rossiiskii rubl' v tamozhennom soyuze [Russian ruble in the Customs Union]. Den'gi i kredit = Money and Credit, 2014, no. 2, pp. 14–25.
Borisov S.M. Rubl': zolotoi, chervonnyi, sovetskii, rossiiskii… Problema konvertiruemosti [The Ruble: gold, high carat gold, Soviet, Russian … A convertibility problem]. Moscow, INFRA-M Publ., 1997, 288 p.
Glaz'ev S.Yu. Sanktsii SShA i politika Banka Rossii: dvoinoi udar po natsional'noi ekonomike [Sanctions of the USA and the policy of the Bank of Russia: a double blow to the national economy]. Voprosy Economiki, 2014, no. 9, pp. 13–29.
Krasavina L.N. Mirovoi opyt regulirovaniya internatsionalizatsii natsional'nykh valyut i ego znachenie dlya Rossii [The world experience in regulating the internationalization of national currencies and its value for Russia]. Den'gi i kredit = Money and Credit, 2012, no. 9, pp. 10–17.
Krasavina L.N. Tendentsii i perspektivy reformy mirovoi valyutnoi sistemy [Trends and prospects for reforming the global monetary system]. Vek globalizatsii = Age of Globalization, 2011, no. 1, pp. 29–43.
Lyukshin A.M. Mirovaya tendentsiya otkaza ot dollara i regional'naya integratsiya: pozitsiya Rossiiskoi Federatsii [The world tendency of refusal of dollar and regional integration: the Russian Federation’s stance]. Ekonomika i predprinimatel'stvo = Economy and Entrepreneurship, 2014, no. 4, pp. 346–351.
McConnell C.R., Brue S.L., Sean F.M. Ekonomiks: printsipy, problemy i politika. T.1 [Economics: Principles, Problems, and Policies]. Moscow, INFRA-M Publ., 2003, 972 p.
Mayatskii Yu.A. Za god tret' kontraktov s Kitaem mozhet pereiti na yuani [In a year one third of contracts with China may transfer to the yuan]. EKO = ECO, 2010, no. 12, pp. 138–139.
Moiseev S.R. Dollar shagaet po planete [Dollar is marching on the planet]. Voprosy Economiki, 2003, no. 3, pp. 76–90.
Moiseev S.R. Sovremennaya valyutnaya sistema: istoriya gospodstva dollara [The modern currency system: the history of dollar domination]. Finansy i kredit = Finance and Credit, 2005, no. 26, pp. 39–50.
Obzor deyatel'nosti Banka Rossii po upravleniyu valyutnymi aktivami. 2014 [A review of the Bank of Russia operations on managing foreign-exchange holdings. 2014]. Moscow, Bank Rossii Publ., 2014, 16 p.
Potemkin A.I. Ob usilenii roli rossiiskogo rublya v mezhdunarodnykh raschetakh [On strengthening the role of Russian ruble in international payments]. Den'gi i kredit = Money and Credit, 2010, no. 8, pp. 3–10.
Smirnova O.V.Sen'orazh: mekhanizmy formirovaniya i metody rascheta [Seigniorage: mechanisms of formation and methods of calculation]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2012, no. 40, pp. 24–29.
Smirnova O.V. Elektronnye den'gi i problema sen'orazha [Electronic money and the seigniorage-related problem]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2013, no. 19, pp. 31–34.
Sukharev A.N. Analiz makroekonomicheskikh posledstvii vvedeniya edinoi valyuty v EvrAzES[An analysis of macroeconomic implications of introducing the single currency in the EurAsEC]. Den'gi i kredit = Money and Credit, 2014, no. 9, pp. 48–53.
Sukharev A.N. Finansovaya ustoichivost' i platezhesposobnost' gosudarstva [The financial stability and solvency of the State]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2010, no. 31, pp. 8–15.
Tulin D.V. V poiskakh sen'orazha, ili legkikh putei k protsvetaniyu (obzor polemiki vokrug politiki Banka Rossii)[In search of seigniorage, or easy ways to prosperity (the review of disputes about the policy of the Bank of Russia)]. Den'gi i kredit = Money and Credit, 2014, no. 12, pp. 6–16.
Harris L. Denezhnaya teoriya [Monetary Theory]. Moscow, Progress Publ., 1990, 750 p.
Federal Reserve Statistical Release. H 4.1. Available at: Link.
