Russia and China have reportedly eliminated the use of Western currencies, including the US Dollar, in their bilateral trade, according to Russian Prime Minister Mikhail Mishustin. During a meeting with his Chinese counterpart Li Qiang in Beijing, Mishustin stated that nearly all payments between the two countries are now being carried out in Rubles and Yuan. He mentioned that the share of national currencies in mutual settlements has increased, reaching a point where they have “completely gotten rid of the currencies of third countries in mutual settlements.” This move aligns with Russia’s efforts to reduce dependence on Western currencies and enhance the role of the Ruble in international transactions.
Mishustin highlighted the strong business ties between Russia and China, with bilateral trade turnover reaching $200 billion ahead of schedule. He noted the success of a joint business forum held in Beijing earlier in the year, which saw the participation of over 1,500 entrepreneurs from both countries. The Russian Prime Minister emphasized the creation of comfortable conditions for commercial firms operating in the Russian and Chinese markets.
In addition to abandoning the US dollar in trade with China, Russia is encouraging the BRICS organization to develop financial relations and establish mechanisms for settlements within the bloc. Russian Finance Minister Anton Siluanov urged the development of financial cooperation within the BRICS countries during the Russia-China Financial Dialogue forum in Beijing. The BRICS group, consisting of Brazil, Russia, India, China, and South Africa, has been exploring ways to facilitate payments in local currencies among its member countries, reducing reliance on external currencies and infrastructure.
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