Russia and China no longer using dollar in trade – Mishustin

Moscow and Beijing have switched to settlements in national currencies, according to the Russian PM

Western currencies have almost been completely phased out in Russia-China trade, as nearly all payments between the countries are now carried out in rubles and yuan, according to Russian Prime Minister Mikhail Mishustin.

The statement was made during a meeting on Tuesday with his Chinese counterpart, Li Qiang. The Russian PM is on a two-day visit to Beijing for a scheduled meeting of Russian and Chinese heads of government.

“We continue to increase the share of national currencies in mutual settlements. If in 2020 this figure was about 20%, then this year we have actually completely gotten rid of the currencies of third countries in mutual settlements,” Mishustin stated.

He also mentioned strengthening business relations, recalling that a joint business forum held in Shanghai in May attracted more than 1,500 entrepreneurs from both countries.

“We are creating comfortable conditions for the work of commercial firms on the Russian and Chinese markets. We have an extensive joint agenda,” Mishustin emphasized.

In turn, Li Qiang noted that cooperation between Moscow and Beijing continues to strengthen and is becoming increasingly important against the backdrop of “global turbulence.”

READ MORE: Russia calls on BRICS to ditch dollar

Russia and its trade partners have started to switch to alternative currencies in mutual trade after sanctions effectively cut Moscow off from the Western financial system. A growing number of nations are turning to national currency settlements in trade.

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