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Russia and China Ditch Dollar in Trade, Signaling Shift Away from Western Currencies

The capitals of Russia and China have abandoned their reliance on international currencies and now conduct financial transactions in their respective national currencies, as announced by the Prime Minister of Russia.

The use of Western currencies in trade between Russia and China has been significantly diminished, with the majority of transactions now being conducted in rubles and yuan, as stated by Russian Prime Minister Mikhail Mishustin.

During a gathering with Chinese Premier Li Qiang on Tuesday, the Russian Prime Minister made a statement as part of his two-day trip to Beijing for the regular meeting between the leaders of both countries.

“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.

Li Qiang observed that the partnership between Moscow and Beijing is growing stronger and more vital than ever, particularly in the face of mounting global instability.

Russia and 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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