Russia, China Accelerate De-Dollarization Process: Deputy PM
TEHRAN (Tasnim) - Western currencies have been almost completely phased out in trade between China and Russia, as nearly all payments between the countries are now carried out in rubles and yuan, Russia's first deputy prime minister said on Monday.
Since the introduction of Western sanctions on Moscow, Russia and China have accelerated the use of their own currencies in bilateral trade, Andrey Belousov emphasized.
According to him, 95% of all trade exchanges between Russia and China are now carried out in one of the countries' national currencies, and given the rapid expansion of mutual trade and cooperation, this percentage is very likely to increase.
Speaking at an expert-level meeting of the Russia-China Intergovernmental Commission in Beijing, the deputy prime minister said bilateral trade between the two countries will surpass the target of $200 billion in 2023, and may reach $300 billion by 2030.
He pointed out that China has long been among Russia’s major trade partners and that the scope of investment opportunities for the two countries is considerably developing, RT reported.
“New joint investment projects are being launched in priority sectors such as the automotive industry, mining and gas chemical industries, agriculture, logistics, information technology (IT) sector and others,” Belousov further stated.
Chinese companies have greatly benefited from the pullout of Western companies from the Russian market, as they have been actively filling the gaps and are eager to expand their presence in Russia further.
Russia has largely been supplying China with energy products, such as oil and gas, as well as refined products, agri-food, and industrial products.
China has been exporting almost all types of goods, including food, equipment, mobile phones, electronics, engineering products, furniture, toys, textiles, clothing, and footwear, the report added.