Russia, China settling 95% of payments in own currencies

Today, 95% of settlements between Russia and China are carried out without the participation of third-country currencies, Russian Ambassador to China Igor Morgulov said.

News ID: 2000127

EghtesadOnline: In March-April of this year, a slight decline was observed in bilateral Russian-Chinese trade. In particular, in March, for the first time since 2022, the total export of goods from China to Russia decreased year-on-year. Many attributed this to the difficulty of mutual settlements.

"As for the problem of settlements, let's not forget that today they are already 95% carried out in rubles and yuan, that is, without the participation of third-country currencies," Igor Morgulov said, Sputnik reported.

Trade between China and Russia increased by 26.3% to a record $240.11 billion in 2023.

Russian and Chinese leaders, Vladimir Putin and Xi Jinping, previously set the goal of doubling trade from $100 billion a year in 2018 to $200 billion by 2024, a figure that was reached in November 2023.

Russia and China celebrate the 75th anniversary of the establishment of diplomatic relations on October 2. / Mehr