This chemical is primarily used in catalysis, especially in organic synthesis. It serves as a precursor for various ruthenium-based catalysts, which are effective in hydrogenation and dehydrogenation reactions. Its application is notable in the production of fine chemicals and pharmaceuticals, where selective hydrogenation of complex molecules is required. Additionally, it is utilized in polymer chemistry for the synthesis of specialized polymers. Its stability and reactivity make it a valuable component in research and industrial processes involving ruthenium catalysis.