This is also the opinion of Leonid Khazanov, an independent industrial expert who told Ria Novosti that the rise of the dollar share does not imply its adoption has increased. He stated:
Individual countries are developing and using their own transaction systems, and Russian businesses can also use them to make deals. Therefore, the increase in the share of the dollar in payments via SWIFT indicates a decrease in the popularity of both of them.
To make matters worse for the euro, analysts have stated before that, due to the way that intra-European Union transactions are registered, the share of international euro transactions is even lower. The Atlantic Council’s senior fellow Hung Q. Tran assessed that true international transactions leveraging the euro account for 43% of the numbers reported.