June 17, 2023

Over 80 percent of trade settlement between Russia and China is now conducted in Russian rubles and Chinese yuan, Russian President Vladimir Putin said at the St. Petersburg International Economic Forum on Friday, according to media reports.

The Russian president's remarks came amid growing emphasis by both sides on trade in local currency and de-dollarization efforts in a bid to reduce risks and costs.

This came just over a month after Russian Deputy Prime Minister Alexander Novak said in interview with the Russian media that energy trading between China and Russia has been settled in both the yuan and the ruble, according to a report by China's state broadcaster CCTV.

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