This chemical is widely used in catalysis, particularly in organic synthesis. It serves as a precursor for various ruthenium-based catalysts, which are effective in hydrogenation, transfer hydrogenation, and oxidation reactions. Its application is significant in the pharmaceutical industry for the synthesis of complex molecules and intermediates. Additionally, it is utilized in materials science for the development of advanced polymers and coatings. The compound's stability and reactivity make it a valuable tool in research and industrial processes, enabling efficient and selective transformations in chemical reactions.