Tajikistan Moves Away from the Dollar in Trade with Russia

Tajikistan has almost completely shifted to conducting trade with Russia in rubles: over 90% of transactions in 2024 were settled in Russian currency, reports NewsBox.

Tajikistan has largely abandoned the use of the dollar in trade dealings with Russia, opting instead for rubles. According to Firdaus Tolibzoda, the head of the National Bank of Tajikistan, by the end of 2024, more than 90% of all trade transactions between the two nations were conducted in Russian currency.

Tolibzoda recalled that in 2021, trade transactions between Tajikistan and Russia were almost equally split between dollars and rubles. However, following the onset of military actions in Ukraine and the imposition of Western sanctions, the situation changed: the republic gradually reduced its reliance on the US dollar. As a result, the currency shortage that had been seen in Tajik exchange offices prior to 2022 was no longer an issue.

The head of the National Bank also noted that Tajik financial institutions are striving to work only with those Russian banks that have not been impacted by international sanctions, in order to minimize potential risks.

According to official statistics, the trade turnover between Tajikistan and Russia in 2024 reached $1.98 billion, which is a 15% increase from 2023. Of this, around 95% pertains to imports: the republic imports Russian food products, petroleum products, and other essential goods. Exports amounted to only $96 million, including fruits, vegetables, and mineral resources.

Russia remains Tajikistan's largest trading partner, accounting for 22.1% of its foreign trade operations. However, its position is gradually being strengthened by China, whose share reached 21.8% in 2024.