ASIATODAY.ID, JAKARTA – Bilateral trade between Russia and China continues to soar, reaching a 26.3 percent increase in 2023 and totaling $240.1 billion, with the surge primarily fueled by energy trade.
A staggering 92 percent of Russia-China trade settlements are in Russian rubles and Chinese yuan, Russian Deputy Prime Minister Alexei Overchuk has revealed.
The statement was made on Wednesday at the 2024 Boao Forum for Asia in China’s southern province of Hainan.
Overchuk’s statements reflect both sides’ commitment to trading in their local currency, as they are determined to bolster financial ties with other nations to ensure de-dollarization takes effect internationally to reduce risks and promote the security and stability of local currencies.
The Russian deputy PM’s stance mirrors President Vladimir Putin’s opinion expressed last year during the 23rd Meeting of the Council of Heads of State of the Shanghai Cooperation Organization (SCO), where he disclosed that over 80 percent of trade settlements between the two nations had already transitioned to rubles and yuan.
“We intend to continue to deepen ties with members of the Shanghai Cooperation Organisation,” Putin said.
“These ties are becoming stronger and more diverse. Russia’s trade with SCO member states has increased by over one third, or 37 percent, reaching a record high of US$263 billion last year. From January to April this year, it went up by another 35 percent.”
“In particular, over 80 percent of commercial transactions between Russia and the People’s Republic of China are made in rubles and yuan,” the Russian president added.
“The share of the Russian national currency in export transactions with all the SCO countries exceeded 40 percent in 2022.
The move to use of national currencies was made necessary by the West’s aggressive use of sanctions and weaponization of the dollar-dominated global financial system to weaken the Russian economy by cutting off Moscow’s access to the greenback, impacting major Russian financial institutions and energy firms — part of the US-led strategy to demonize Russia for its special military operation in Ukraine.
Overchuk highlighted the enduring and harmonious relationship between the Russia and China, built on mutual respect, equality, and extensive historical exchanges. He reaffirmed Russia’s commitment to fostering trade growth and launching new interconnection projects between Moscow and Beijing.
Addressing a session on ‘The Rise of the Global South,’ Russia’s deputy PM highlighted the emergence of southern nations as key players over the past five decades. He emphasized the need for developing nations to unite amidst growing global uncertainties, and advocated for strengthened cooperation in tackling common challenges.
“We are currently seeing signs of anti-globalization and rising trade fragmentation in global markets, which requires us to strengthen cooperation and connections with our neighboring countries,” Overchuk noted. (Sputnik)
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