Nearly all payments between the countries are now conducted in rubles and yuan.
During a meeting on December 21 with his Chinese counterpart, Li Qiang, Russian Prime Minister Mikhail Mishustin declared that Western currencies have almost been completely eliminated for Russia-China trade, as nearly all payments between the countries are now conducted in rubles and yuan.
The Russian PM made these remarks during a two-day visit to Beijing for a scheduled meeting of Russian and Chinese heads of government.
“We continue to increase the share of national currencies in mutual settlements. If in 2020 this figure was about 20%, then this year we have actually completely gotten rid of the currencies of third countries in mutual settlements,” Mishustin disclosed.
He also highlighted boosting business relations, recalling that a joint business forum organized in Shanghai in May attracted more than 1,500 entrepreneurs from both countries.
“We are creating comfortable conditions for the work of commercial firms on the Russian and Chinese markets. We have an extensive joint agenda,” Mishustin proclaimed.
For his part, Li Qiang pointed out that cooperation between Moscow and Beijing continues to be on the rise and is becoming increasingly significant against the backdrop of “global turbulence.”
Russia and its trade partners have started to use alternative currencies in mutual trade after sanctions effectively denied Moscow access to the Western financial system. A rising number of nations are likewise resorting to national currency settlements in trade.
