Russia and China have essentially eliminated the use of Western currencies in trade, with almost all payments now carried out in rubles and yuan, Russian Finance Minister Anton Siluanov stated on Tuesday. According to Siluanov, 99.1% of settlements between the two countries now take place in their own currencies.
He added that this enables Russia and China to avoid “unfriendly foreign infrastructure” linked to the dollar- and euro-based banking systems. ”Previously, payments were in dollars and euros, with funds passing through Western banks that at some moment could stop these settlements,” Siluanov said at the 11th Russian-Chinese Financial Dialogue in Beijing.
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