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Putin, during his trip to Beijing, said trade turnover between Russia and China rose by almost 25% in 2023, reaching $227 billion read more
 "WATCH Putin say Russia, China have ditched dollar, trading in rubles, yuan")
Russian President Vladimir Putin meeting Xi Jinping during his state visit to China. Source: X/@mfa_russia
Russia and China have shunned the US dollar and are setting the overseas trade between themselves in their local currencies. With dedollarisation, both the BRICS nations, have seen a “great effect” in their trade, President Vladimir Putin said.
Putin, who is in China on his first foreign trip since his re-election as Russia’s president, said, “A powerful impetus to expand our trade flows was given by our timely joint decision to ensure that transactions are conducted in national currencies. As of today, 90 per cent of all payments are made in rubles and yuan."
— RT (@RT_com) May 16, 2024Putin attacks US
The relations between Russia and China are based on “the principles of mutual respect, good neighbourliness, and mutual benefit,” said Putin.
In an indirect attack on the US, EU and the West, the Russian President said that despite the COVID-19 pandemic and “some actions aimed at constraining our development” by third countries, the volume of trade is steadily increasing, as both Moscow and Beijing have built a solid investment portfolio in various fields.
Putin said trade turnover between Russia and China rose by almost 25 per cent in 2023, reaching $227 billion.
The Russian President further emphasised that Moscow and Beijing will be strengthening contacts among banks and “energetically use national payment systems” to the benefit of the industries of both countries.
Dedollarisation is inevitable
The Russian president went on to say that though Moscow has never sought the “dedollarisation” of the national or international economy, the process is “inevitable.”
Intensifying his attack on the US in particular, Putin said, that the dollar is being used by the country as a “tool of combat,” which he said is undermining global confidence.
Days after Putin ordered his troops to begin a “full-scale invasion” of Ukraine in February 2022, the US cut off Russia’s central bank from dollar transactions and later banned the export of dollar banknotes to the country.
Western nations, including the US, UK and EU states, have frozen an estimated $300 billion of Russia’s sovereign capital since the start of the Ukraine conflict in 2022.
Putin-Xi pledge a ’new era’ of friendship
Putin and his Chinese counterpart Xi Jinping pledged a “new era” of partnership that proclaimed opposition to the US on a host of security issues and a shared view on everything from Taiwan and Ukraine to North Korea. They also agreed to cooperate on new peaceful nuclear technologies and finance.
Putin also said Russians and Chinese are “brothers forever”.
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English (US) ·