RT.com
24 May 2023, 17:43 GMT+10
The majority of payments between the two countries are made in national currencies, the Russian prime minister says
Nearly three-quarters of transactions between Moscow and Beijing are currently made in rubles or yuan, Russian Prime Minister Mikhail Mishustin revealed during talks with Chinese Premier Li Qiang in Beijing on Wednesday.
Moscow has repeatedly stated that it considers both the dollar and euro unreliable, as their use in the country's cross-border transactions has been jeopardized by Western sanctions over the conflict in Ukraine.
"70% of cross-border settlements between Russia and China are already conducted in national currencies - rubles and yuan," Mishustin stated.
While attending a business forum in Shanghai on Tuesday, the Russian prime minister also noted that the countries' mutual decision to conduct the majority of transactions in national currencies had significantly bolstered bilateral trade, which is on course to reach a $200 billion target this year ahead of schedule.
"While in 2021 only about a quarter of settlements between our countries were made in national currencies, last year it was almost two-thirds," Mishustin said, pledging to continue to increase "the independence of bilateral financial cooperation and thereby strengthen economic sovereignty."
Last month, Russian Deputy Prime Minister Alexander Novak announced that Moscow would be switching to national currencies in energy trade with all its foreign partners. He said most transactions in this sphere were mostly made in yuan and rubles already, and the country plans to abandon the euro and dollar in energy exports altogether.
Both Moscow and Beijing have stepped up efforts to reduce dependence on the dollar and euro in international trade against the backdrop of last year's anti-Russia sanctions. President Vladimir Putin earlier suggested that the Chinese yuan should be used more widely in Russia's foreign trade, not only in transactions with China, but also with countries in Africa and Latin America. Indian policymakers have also taken steps in recent months to shift away from the greenback to rubles and rupees in mutual trade with Moscow.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Scandinavia Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Scandinavia Times.
More InformationDUBLIN, Ireland: Irish Rail incurred over 26,000 euros in damages due to a series of graffiti incidents carried out by a 24-year-old...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
DUBLIN, Ireland: Taoiseach Micheál Martin has expressed cautious optimism that the European Union and the United States can strike...
ZAGREB, Croatia: A massive concert by popular Croatian singer Marko Perković, known by his stage name Thompson, has drawn widespread...
DUBLIN, Ireland: Despite extreme heat gripping much of mainland Europe, Irish holidaymakers are pressing ahead with their travel plans,...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
WASHINGTON, D.C.: After months of warnings from former federal officials and weather experts, the deadly flash floods that struck the...
MOSCOW, Russia: Just hours after his sudden dismissal by President Vladimir Putin, Russia's former transport minister, Roman Starovoit,...
DHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...