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Ruble rules trade with Central Asian ally – Putin

The vast majority of settlements with Tajikistan are now made in the Russian currency, according to the president

The share of the ruble in Russia’s trade with Tajikistan topped 80% during the first half of 2023, Russian President Vladimir Putin told reporters on Tuesday following a meeting with his Tajik counterpart Emomali Rahmon in Moscow.

According to the Russian head of state, trade turnover between the two countries increased by 18.3% last year and has been growing further since, with transactions largely made in national currencies.

National currencies occupy an increasingly important place in mutual settlements between our countries. In particular, the share of the ruble in commercial transactions in the first half of this year reached an impressive 83%,” said Putin, adding that both countries are actively working on building new channels between their respective banking institutions to make economic cooperation more convenient. He noted that since last year both Russian and Tajik citizens can make cross-border money transfers using the Russian payment system.

Putin added that Russia is among the leading investors in the Tajik economy, with over 300 enterprises operating in the Central Asian country. He also noted that many Russian companies are interested in strengthening ties with Tajik firms in the mining industry.

We see good prospects in the mining industry. Russian companies are interested in joint geological exploration and production of uranium, as well as rare and rare earth metals, including lithium, with Tajik partners,” Putin said, adding that Russia’s Rosatom recently completed a large renovation project at an industrial uranium processing site in Tajikistan.

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In his remarks to reporters after the meeting, Rahmon said the countries also plan to boost agricultural trade and expand investment cooperation. The Tajik leader arrived in Russia for an official state visit on Tuesday.

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