Western currencies have been almost completely phased out in Moscow-Beijing trade, as nearly all payments between the two countries are now carried out in rubles and yuan, Russian First Deputy Prime Minister Andrey Belousov has stated.
Since the introduction of Western sanctions on Moscow, Russia and China have accelerated the use of their own currencies in trade. According to Belousov, 95% of all transactions 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 likely to grow.
Speaking at a meeting of the Russia-China intergovernmental commission in Beijing on Monday, the deputy prime minister said bilateral trade between the two countries will exceed the target of $200 billion this year, and may reach $300 billion by 2030.
He noted that China has long been among Russia’s major trade partners and that the scope of investment opportunities for the two countries is expanding.
“New joint investment projects are being launched in priority sectors such as the automotive industry, mining and gas chemical industries, agriculture, logistics, IT sector and others,” Belousov said.
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.
“The withdrawal of Western companies from Russia has created vast opportunities for Chinese partners to take part in Russia’s in oil and gas, petrochemical and car manufacturing enterprises, as well as companies producing consumer goods, glass products, and construction materials,” Belousov stated.
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.
Israeli whistleblowers have disclosed abuse of Palestinians at a military base in Sde Teiman that…
The United Nations General Assembly voted in favour of granting "new rights and privileges" to…
Iranian President Ebrahim Raisi says a strong parliament together with a strong administration will make…
An exhibition is being held in Iran’s Pardis Science and Technology Park with the presence…
Visitors swarm the 35th edition of the Tehran International Book Fair that kicked off in…
Iran’s President Ebrahim Raisi says the country will not compromise on its missile power and…