Putin: more than 80% of transactions between Russia and China are carried out in rubles and yuan
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The share of transactions between Russia and China using rubles and yuan exceeds 80%. This was stated by Russian President Vladimir Putin at a meeting of the Council of Heads of State – members of the SCO.
“The use of national currencies in mutual settlements is expanding. For example, more than 80% of commercial transactions between Russia and China are already carried out in rubles and yuan,” – said He.
According to the Russian leader, in 2022, the ruble was used in export transactions with all SCO countries in 40% of cases.
Chinese President Xi Jinping during the meeting urged to increase the share of national currencies in trade settlements between the SCO countries. He also stated the need to resist unilateral sanctions, color revolutions and interference in the internal affairs of the countries of the region.
Against the backdrop of sanctions, Russia began to move away from settlements in dollars and increasingly use national currencies. In March 2023, Russian President Vladimir Putin said that Russia and China are “increasingly” using national currencies in mutual trade. According to him, at that time, two-thirds of the trade turnover between the countries was already carried out in rubles and yuan.
On July 4, the SCO summit is held online for the first time under the chairmanship of India. The SCO member states are invited to the event: China, Russia, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan and Uzbekistan. Iran, Belarus and Mongolia are taking part in the summit as observers.
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