Widely used as a catalyst precursor in homogeneous catalysis, particularly in carbon-carbon bond-forming reactions. It shows high activity in hydrogenation and hydroformylation processes, where it facilitates the addition of hydrogen or syngas to unsaturated organic compounds. Its ability to form active ruthenium species under mild conditions makes it valuable in selective reduction reactions, including those in fine chemical and pharmaceutical synthesis. Additionally, it serves as a starting material for synthesizing other ruthenium-based catalysts used in olefin metathesis and CO2 reduction. The complex is also employed in academic research to study reaction mechanisms involving low-valent metal centers.