RUSSIAN President Vladimir Putin has announced that over 80 per cent of Russian-Chinese trade settlements are now conducted in Russian roubles and Chinese yuan reports Beijing Global Times.
The announcement was made at the St Petersburg's International Economic Forum. The Russian president's remarks came amid growing emphasis by both sides on trade in local currency and de-dollarization efforts in a bid to reduce risks and costs.
This comes just over a month after Russian Deputy Prime Minister Alexander Novak said in interview with the Russian media that energy trading between China and Russia has been settled in both the yuan and the rouble, according to a report by China's state broadcaster CCTV.
Trade using the yuan, rouble and Turkish lira is increasing and becoming common, while deals using the US dollar or the euro are trending down, Mr Novak said.
SeaNews Turkey
The announcement was made at the St Petersburg's International Economic Forum. The Russian president's remarks came amid growing emphasis by both sides on trade in local currency and de-dollarization efforts in a bid to reduce risks and costs.
This comes just over a month after Russian Deputy Prime Minister Alexander Novak said in interview with the Russian media that energy trading between China and Russia has been settled in both the yuan and the rouble, according to a report by China's state broadcaster CCTV.
Trade using the yuan, rouble and Turkish lira is increasing and becoming common, while deals using the US dollar or the euro are trending down, Mr Novak said.
SeaNews Turkey
