The share of settlements in national currencies between Russia and China exceeded 90%. Finance Minister Anton Siluanov talks about this told journalist Pavel Zarubin, a fragment published in the journalist’s Telegram channel.
“More than 90%. <...> This is mostly the yuan, but the ruble also plays an important role here,” he said.
Against the background of sanctions, Russia began to move away from payments in dollars and increasingly use national currencies. In March 2023, Russian President Vladimir Putin said that Moscow and Beijing were “more and more actively” using national currencies in mutual trade. In early July, Putin announced that the share of transactions between Russia and China using rubles and yuan exceeded 80%.
The decision to abandon the dollar in settlements between Moscow and Beijing was made in June 2019. In September 2022, Putin notedthat confidence in the dollar has been completely lost, and therefore Russia and China will use the ruble and yuan in equal proportions when paying for gas. By that time, such a payment scheme had already been discussed. Deal “Gazprom“and the Chinese CNPC. In June of this year it became known that “Rosneft“and the Chinese corporation also decided switch to paying for raw materials in national currencies.