Russia and China abandon the US dollar in their trade transactions
Russia and China have phased out the use of the US dollar, in their bilateral trade, with transactions now primarily conducted in rubles and yuan.
Russian Prime Minister Mikhail Mishustin said this during his meeting on December 19, with Premier Li Qiang noting that 90 per cent of trade between the two nations is now conducted in rubles and yuan.
“We continue to increase the share of national currencies in mutual settlements. If in 2020 this figure was about 20 per cent, then this year we have actually completely gotten rid of the currencies of third countries in mutual settlements,” Mishustin was quoted as saying by Russian media, RT International.
Mishustin also mentioned that business relations between the two nations are booming.
“We are creating comfortable conditions for the work of commercial firms on the Russian and Chinese markets. We have an extensive joint agenda,” Mishustin added.
In response to sanctions severing Moscow from the Western financial system, Russia and its trade partners are increasingly shifting towards alternative currencies for mutual trade, with a growing trend among nations to opt for national currency settlements, Russian media RT International reported.
Besides discontinuing the use of the US dollar in its trade with China, Russia is also urging BRICS to abandon the US dollar.
