(Bloomberg) -- The share of yuan trading on Russia’s foreign exchange market reached a new high in March as its importance in the country’s economy continues to grow.

The turnover of exchange-traded yuan amounted to 53%, while its share in over-the-counter trading also set a record of 39.6%, according to the Bank of Russia’s financial risk review for March.

After Russia’s February 2022 invasion of Ukraine and the subsequent sanctions imposed by the US and its allies, Moscow sought to rapidly reduce the role of dollars and euros in its economy as it redirected trade toward Asia and away from Europe.

The share of what Russia calls “toxic” currencies, which includes the dollar and the euro, fell to 46.4% on the exchange from 52.8% in February, the central bank said. In the over-the-counter segment, the share of “toxic” currencies decreased to 54.7% from 59.8% in February.

Russia is creating the conditions for settlement in various national currencies, Governor Elvira Nabiullina said Monday in a speech to parliament. Over the past year, the share of settlements in currencies other than the dollar or euro have increased from 39% to 67%. 

Payments are basically now made in rubles and yuan, she said. “The share of the dollar and the euro has practically halved,” she said.

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