70% of cross-border settlements between Russia and China are carried out in rubles and yuan – Kommersant

Prime Minister Mikhail Mishustin, at a meeting with Chinese Premier Li Qiang, said that in March the volume of trade between the two countries increased by a quarter year-on-year, to $52 billion. Mr. Mishustin noted that 70% of cross-border settlements between Moscow and Beijing are carried out in rubles and yuan.

“Today, relations between Russia and China are at an unprecedented high level and are characterized by respect for each other’s interests, the desire to jointly respond to new challenges that are associated with increased turbulence in the international arena, illegal sanctions pressure from the collective West,” the Russian prime minister said.

Mikhail Mishustin added that Russia ranks first in oil supplies to China. In addition, both countries are expanding cooperation in the field of peaceful atom. “The export of natural gas, coal, electricity is growing … New opportunities are opening up for deepening cooperation in such high-tech areas as aircraft building, shipbuilding, machine tool building, mechanical engineering, and space research,” the Prime Minister of the Russian Federation listed.

Li Qiang declaredthat the growth of trade between Russia and China for the year amounted to 40%. He assured that Beijing plans to maintain contacts between the business circles of the two countries. After negotiations with Mr. Mishustin, planned meeting with Chinese President Xi Jinping.

Read more about his visit in the publication “Kommersant” “Beijing is back on the Moscow schedule”.

Laura Keffer