The share of settlements for Russian oil and petroleum products conducted in US dollars has fallen to just 5%, according to data from the Ministry of Energy, The Izvestia newspaper reports with reference to “Strategy for the Development of the Oil Industry Until 2050: Tasks, Solutions, and Results” presentation. Sharp Decline of Dollar and Euro Since 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%. In contrast, the ruble now accounts for 24% of payments, and the Chinese yuan dominates with 67%, according to the Energy Ministry’s report. Ruble Strengthens in Export Operations The ruble remains the leading currency in overall export operations, with a 41.3% share. However, compared to 2023, its growth was modest — only 2.3 percentage points.