90% of Russia's Trade with China Now Conducted in National Currencies

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by Giorgi Kostiuk

2 years ago

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  1. Use of National Currencies in Trade
  2. Benefits of Moving to National Currencies
  3. Exploring Cryptocurrencies


    4. Anton Siluanov, the Russian Finance Minister, announced that 90% of trade transactions with China are conducted using national currencies: Yuan and Rubles. This practice helps avoid risks associated with 'unfriendly currencies' like the US dollar.

    Use of National Currencies in Trade

    At the tenth Russian-Chinese financial dialogue in Moscow, Russian Finance Minister Anton Siluanov announced that over 90% of trade transactions between Russia and China are conducted not in dollars, but in Yuan and Rubles. This announcement confirms that Russia is actively reducing its dependence on the US dollar.

    Benefits of Moving to National Currencies

    Siluanov noted that using alternative currencies helps avoid risks associated with 'unfriendly currencies'. He also emphasized that this move reduces financial risks related to using Western currencies. President Vladimir Putin had earlier pointed out the necessity of using national payment systems to actively service trade turnover.

    Exploring Cryptocurrencies

    Russia is considering cryptocurrencies as a possible alternative to traditional currencies in international trade. President Putin signed a new law creating experimental legal frameworks for using digital technologies in international trade. The Bank of Russia, empowered by this law, will begin implementing the system by September, with the first transactions expected by the end of the year.

    “We are considering various alternatives to ensure the functioning of our infrastructure. Therefore, such measures are certainly under discussion.”Elvira Nabiullina, Governor of the Bank of Russia

    Russia's use of national currencies in trade with China and exploration of cryptocurrencies as alternative mechanisms contribute to enhancing the country's financial security and independence from Western currencies.

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