Putin Reports Sharp Decline in Dollar and Euro Share of Russia-China Trade
According to the English section of webangah News Agency, citing Mehr News agency and Xinhua, ahead of the 80th anniversary of China’s victory over Japanese invasion during World War II, Russian President Vladimir Putin-who is scheduled to attend the event-announced that dollar and euro will be eliminated from trade and transactions between Moscow and Beijing.
Reacting to positive outcomes from practical cooperation between China and Russia in sectors such as energy, agriculture, automotive manufacturing, and infrastructure projects over recent years, putin said bilateral economic relations have reached an unprecedented level. Bilateral trade has increased by approximately 100 billion dollars as 2021.
Putin emphasized that in terms of trade volume, China remains Russia’s largest partner. Last year, Russia ranked fifth among China’s top foreign partners.
The Russian president added that although trade figures are calculated using dollar equivalents, actual transactions between Russia and China occur with rubles and yuan. The share of dollar and euro has fallen to a negligible statistical margin.
He continued: “Russia firmly maintains its position as a leading exporter of oil and gas to China. Since launching the Power of Siberia pipeline in 2019, natural gas deliveries have exceeded 100 billion cubic meters. We plan to launch another major gas route called Far East Route by 2027. We are also advancing significant natural gas projects in Russia’s Arctic region.”
Putin will join Iranian President Masoud Pezeshkian along with North Korean leader Kim Jong-un at China’s Victory Day parade on September 3 (August 25 Gregorian calendar).
