70% of cross-border settlements between Russia and China are carried out in rubles and yuan – Kommersant

Prime Minister Mikhail Mishustin, at a meeting with Premier of the State Council of China Li Qiang, said that in March the volume of trade between the two countries grew by a quarter year-on-year, to $52 billion. Mr. Mishustin noted that 70% of cross-border settlements between Moscow and Beijing are carried out in rubles and yuan.

“Today, relations between Russia and China are at an unprecedented high level and are characterized by respect for each other’s interests, the desire to jointly respond to new challenges that are associated with increased turbulence in the international arena, illegal sanctions pressure from the collective West,” the Russian prime minister said.

Mikhail Mishustin added that Russia ranks first in oil supplies to China. In addition, both countries are expanding cooperation in the field of peaceful atom. “The export of natural gas, coal, electricity is growing … New opportunities are opening up for deepening cooperation in such high-tech areas as aircraft building, shipbuilding, machine tool building, mechanical engineering, and space research,” the Prime Minister of the Russian Federation listed.

Li Qiang said that the trade turnover between Russia and China is growing rapidly and has already exceeded 40%. He assured that Beijing plans to maintain contacts between the business circles of the two countries. After the talks, Mr. Mishustin is also scheduled to meet with Chinese President Xi Jinping.

Read more about his visit in the publication “Kommersant” “Beijing is back in the Moscow schedule.”

Laura Keffer