Moscow and Beijing have been cutting the share of the US dollar in bilateral settlements, as trade between the countries rapidly grows.
China is Russia’s largest trading partner, accounting for 15 percent of Russian international trade last year. In January 2018, it grew to 17.2 percent. Germany, which holds second place among Russia’s trade partners, has a share of about eight percent.
Last year, bilateral trade between Russia and China increased by 31.5 percent, reaching $87 billion. This year, it is expected to reach $100 billion, the Russian Economic Development Ministry told RT.
As trade grows, Russia and China are also promoting settlements in ruble and yuan, bypassing the US dollar and other Western currencies. “It makes it possible to reduce the dependence on the influence of third countries,” the Russian Central Bank told RT...