Putin announced Russia’s readiness to switch to yuan in trade with other countries
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Russian President Vladimir Putin said that the country is ready to switch to the yuan in trade with other countries. Settlements in the Chinese national currency, according to the head of state, can be made with the countries of Asia, Africa and Latin America.
“We are for the use of Chinese yuan in settlements between Russia and the countries of Asia, Africa, and Latin America. I am sure that these forms of settlements in yuan will be developed between Russian partners and their counterparts in third countries,” Vladimir Putin said at an extended meeting with Chinese President Xi Jinping. He also said that today 2/3 of the trade turnover between Russia and China is carried out in rubles and yuan.
After the start of the military operation, the Russian authorities announced dollar and euro toxic currencies, Russian companies started actively switch to settlements in Chinese currency in 2022.
The share of the Chinese currency in export settlements, which did not exceed 0.5% in January 2022, by December increased up to 16%. The share of settlements on exports in the currencies of “unfriendly” countries (mainly in dollars and euros) decreased from 87% at the beginning of 2022 to 48% at the end, the Bank of Russia reports.
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