Russia-China trade is absent from USD
Russian Deputy Prime Minister Andrey Belousov said 95% of trade between the two countries is currently in rubles and yuan.
On November 20, at a meeting of the Russia-China intergovernmental committee in Beijing, Mr. Belousov announced that the currencies of Western countries are gradually disappearing in Russia-China trade activities. Since the West imposed sanctions on Russia after the war in Ukraine, these two countries have accelerated the use of local currencies in trade.
According to Mr. Belousov, about 95% of transactions between the two sides are being carried out in rubles and yuan. With the current level of economic cooperation, this ratio may continue to increase.
At the meeting, the Russian Deputy Prime Minister also said that bilateral trade turnover will exceed 200 billion USD this year and could reach 300 billion USD by 2030. Last year, trade between Moscow and Beijing reached a record of 190 billion USD. , up 29% compared to 2021, as Western sanctions forced Russia to shift trade east.
Belousov said China has long been a major trading partner of Russia. Investment prospects between the two countries are continuing to expand. “New investment cooperation projects are being implemented in many priority areas such as automobiles, mining, gas, agriculture, logistics, and information technology,” he said.
Chinese companies benefited greatly after Western businesses withdrew from Russia because of the war in Ukraine. They quickly filled the gap left behind and aggressively increased their presence in Russia. – vietnam.postsen.com –