By James Schofield In Moscow

Russians are buying more euros than dollars for the first time since the new European currency became available, according to the central bank.

The swing may signal the weakening grip in Russia of the US currency which has dominated the economy here for most of the past decade.

It comes after a 15% fall of the dollar against the euro this year.

Imports of euros by Russian banks had doubled year on year in in June and July, said the bank.

Over $700m-worth of euros were imported in July, compared with just $573m in US currency.

Untrustworthy rouble

As the euro-dollar rate approached parity earlier this summer, Russians appear to have voted with their wallets and converted some of their savings to the European currency.

While most of the country's trade is conducted with Europe, traditionally Russians have hoarded billions of cash dollars at home, so-called "under the mattress" savings, rather than trust the rouble.

Paying with any currency other than the rouble is illegal in Russia, but many people prefer to keep their cash in hard currency.

After three financial crises during the 1990s left millions of people with worthless roubles, most Russians now keep a hawklike watch on foreign exchange rates.

Dollar persists

In July, the Russian Government was forced to issue a warning to Russians not to dump their dollars, when the dollar fell below the euro for the first time.

But despite the current change in attitude towards the euro, the dollar will continue to play a significant role in the Russian economy.

Almost two-thirds of Russia's exports are of dollar priced natural resources.