The share of ruble and yuan settlements in Russia’s foreign trade has surged to almost 70% as Moscow rapidly shifts away from Western currencies, Economic Development Minister Maksim Reshetnikov said on Friday.
The de-dollarization of Russian trade with China is almost complete, the minister told reporters on the sidelines of the Russia-China Energy Business Forum in Beijing.
“Our trade is restructuring. If we look at the country’s trade indicators as a whole, 68% of our trade is carried out in rubles and yuan, while 95% our trade with China is settled in rubles and yuan. The issue of channels [for payments] has been solved,” Reshetnikov stated.
Recent data from the Economic Development Ministry shows that the yuan overtook the dollar in Russia’s import settlements with China in 2022. The Chinese currency has since been used in Russian trade with Mongolia, Taiwan, the Philippines, Malaysia, the United Arab Emirates, Thailand, Japan, Tajikistan, and Singapore.
The changes reflect Russia’s move away from transactions in the currencies of ‘unfriendly countries’ against the backdrop of sanctions.
Reshetnikov also gave his assessment of Russia-China trade turnover, predicting that it could exceed the target of $200 billion and reach around $220 billion by the end of this year.
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