Russian PM: Share of national currencies in trade with China reaches 70%

Russian Prime Minister Mikhail Mishustin said on May 24 that Moscow and Beijing use national currencies in 70 per cent of mutual payments.

Speaking at a meeting with his Chinese counterpart Li Qiang in Beijing, Mishustin said the ruble and yuan are now dominant in Russia-China trade, Anadolu reports.

Mishustin added that last year, the trade turnover between Russia and China increased by one-third to $190 billion and in January-March this year, it was $52 billion, which gives grounds to expect that a goal of $200 billion trade turnover will be achieved this year, he said.

The prime minister praised the Russia-China business forum in Shanghai, which took place on Tuesday, saying it gathered hundreds of leading entrepreneurs that contributed to the development of the bilateral cooperation.

"Today, relations between Russia and China are at an unprecedented high level. They are characterized by mutual respect for each other's interests, the desire to respond together to new challenges that are associated with increased turbulence in the international arena, and illegal sanctions pressure from the collective West. As our Chinese friends say: 'Unity allows you to move mountains'," he noted.

The official also said Moscow and Beijing are developing cooperation in energy, aircraft and shipbuilding, space exploration, strengthening logistics and transport ties, and constructing the necessary infrastructure.

The meeting between Mikhail Mishustin and Li Qiang ended with the signing of five documents, creating a legal framework for deepening the bilateral cooperation.