According to the Bank of Russia data, in the first quarter of 2019, export earnings in US dollars formed 61.7% of the total amount. In comparison, in the analogous period of 2017, they constituted nearly 70%. Especially noticeable is the change in trade with the EU, where the dollar share in exports – for the first time ever – fell below one half. In the first quarter of 2019, 46% of exports from Russia to the EU were sold in dollars and 42% in euros. A year ago, this correlation was 53 and 33% respectively.Of course, there is likely a notion to decry this data as "fake news" ... and that Roacheforque is a Putin puppet, or worse - an ISIS sympathiser. But I do think that the balance of evidence in other news supports the behavior of the dollar system's operational "measures".
Strong dollar policy has inverted, but supporting (weaker) dollar USAGE is as critical to obedient dollar vassalage as ever. Just ask Deutsche Bank, or Volkswagen. The former was subservient to Baffin, which irked the FED/ESF/UST/NYT quadfecta of Dollar Imperialism to no end, and the VW fines were a warning against further sedition.
We all know the reactions to Russia, China and Iran's impudence. Whenever the Euro is used in major trade settlement, especially for energy and systemic technology, the dogs of war are unleashed. Economic war is especially favored due to the advantages of USD stability, exchange rate pair dominance and depth of dollar correspondent accounts.
But that advantage is derived from the circularity of long term usage, which is now reversing at a rate (in both the quote, and further in the article from the first link above) that cannot be ignored. The well worn adage about systemic change "happening slowly at first, then all at once" is beginning to take shape. We still may have a few more years and a few new tangles to unravel, but the key here is:
Instead of 'greenbacks', the central bank has actively purchased yuan, euros and gold, whose inventory has already surpassed 2000 tons.As made to be known, central banks on the whole have purchased a record amount of gold in recent months (and probably quite a bit more than is being reported) apparently with dollars. Since the stability of the currency system hinges on the dollar as the cleanest (most stable) in a somewhat musty laundry basket of currencies desperately, but inconspicuously dirty-floating to ZERO, the only holding which doesn't need another self-referential bail-out is gold. Buying it with dollars as they rise does seem to be the final act in the lead up to a new "accord".
See the systemic signs? See what the BIS is supporting? See what its member banks are abandoning?
There is no stopping the hand of time.