The trade volume between Russia and China has reached a historic high! Putin: Settlement completed in rubles and RMB has exceeded 80% rubles | Russia | Putin
According to today's Russian television website on July 4th, Russian President Vladimir Putin revealed that trade and economic cooperation between Russia and China is expanding, and settlements between the two countries completed in rubles and Chinese yuan currently account for over 80%.
On June 16th, Russian President Putin delivered a speech at the plenary session of the St. Petersburg International Economic Forum.
The report states that the trade volume between Russia and China reached a historic high of $190.3 billion in 2022 and has continued to accelerate since then. Since the beginning of this year, the import and export of the two countries have achieved double-digit growth. According to Chinese customs data, bilateral trade volume surged to $93.8 billion from January to May, an increase of 40.7% year-on-year. Russian Finance Minister Anton Siluanov recently said that the bilateral trade volume between the two countries is expected to exceed the target of 200 billion US dollars one year ahead of expectations.
Both sides have decided to use their own currencies instead of the US dollar for most transactions, which has strengthened the economic relationship between the two countries.
![The trade volume between Russia and China has reached a historic high! Putin: Settlement completed in rubles and RMB has exceeded 80% rubles | Russia | Putin](https://a5qu.com/upload/images/ce0b4fd55062a74dfa4bc450eff60a63.jpg)
According to reports, Putin said that Russia's trade volume with other SCO member countries reached a record high of 263 billion US dollars in 2022. He pointed out that the number increased by 35% year-on-year in the first four months of this year. Putin said that the proportion of rubles used in settlements between Russia and SCO countries exceeds 40%.
This Russian leader attended the Shanghai Cooperation Organization Summit in Moscow on the 4th through video conferencing.