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The US dollar is losing ground in Russia-China trade. (Source: Xinhua) |
Earlier, speaking at the Shanghai Business Forum on May 23 during his visit to China, the Russian Prime Minister also noted that the joint decision of the two countries to conduct most transactions in national currencies has significantly boosted bilateral trade, which is on track to reach the target of 200 billion USD this year.
Moscow has repeatedly stated that it considers both the US dollar and the euro unreliable, as their use in cross-border transactions is threatened by Western sanctions related to the conflict in Ukraine.
Prime Minister Mishustin emphasized: “If in 2021 only about a quarter of payments between our two countries were made in national currencies, then last year this figure was almost two-thirds.”
Mr. Mishustin also pledged to continue strengthening “the independence of bilateral financial cooperation and thereby strengthening economic sovereignty .”
In 2022, two-way trade between Russia and China reached a record high of 190.27 billion USD.
According to data from China's General Administration of Customs, bilateral trade increased by 38.7 percent in the first quarter of this year, and energy cooperation continues to be a key stabilizing factor for bilateral relations.
Amid Western sanctions, Russia accelerates its economic shift to the East.
China's vast market and rapid economic recovery are benefiting the world, and Russia is no exception.
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