More Than 60% of Russia–Uzbekistan Foreign Trade Settlements Conducted in Rubles and Soums

Tashkent, Uzbekistan (UzDaily.com) — More than 60% of settlements for foreign trade operations between Russia and Uzbekistan are already carried out in national currencies, Russian Trade Representative to Uzbekistan Konstantin Zlygostev said in an interview with RIA Novosti.

“We have virtually moved away from using third-country currencies: over 60% of all transactions are conducted in the ruble–soum currency pair,” he noted when asked about the share of national currencies in mutual settlements.

At the same time, Zlygostev emphasized that this figure is not a ceiling and that there remains significant potential for further growth.

As an example, he cited Russia’s trade with China, where around 90% of settlements are conducted in the national currencies of the two countries.

According to estimates by Uzbekistan’s Ministry of Investment, Industry and Trade, bilateral trade turnover with Russia could reach US$15 billion in 2026, compared with an expected US$12 billion by the end of 2025.

Russia continues to rank second among Uzbekistan’s key foreign trade partners, trailing only China.