As the weight of the dollar in trade between Russia and China decreases, the use of the ruble and the yuan has reached a level covering almost all transactions. Russian Prime Minister Mikhail Mishustin made assessments regarding economic relations between the two countries at the 31st regular meeting of heads of government held with Chinese Premier Li Qiang in St. Petersburg.
Mishustin stated that the mutual trade volume between Russia and China has grown more than 30-fold over the last 25 years. Noting that the payment system using national currencies is becoming increasingly widespread, Mishustin stated that the share of the ruble and the yuan in bilateral trade is approaching 100 percent.
The economic rapprochement between Moscow and Beijing is becoming more visible as both countries seek to strengthen alternative trade channels in the face of Western-led sanctions and international pressure. The messages delivered at the meeting revealed the parties' intention to expand cooperation in the fields of trade, energy, agriculture, industry, and the digital economy.
COOPERATION IN ENERGY AND AGRICULTURE
Mishustin emphasized that Russia is one of the leading suppliers of oil and natural gas exports to China. Stating that the Power of Siberia natural gas pipeline is operating stably, the Russian Prime Minister reported that the construction of the pipeline on the Far Eastern route is also continuing.
Noting that Russia is ready to supply energy resources to China without interruption, Mishustin expressed that they also want to develop joint projects in the field of nuclear energy. On the agricultural side, it was stated that product trade in the first nine months of the year increased by more than a third compared to the same period last year.
Industry, high technology, and digital economy topics were also on the agenda during the meeting. Chinese Premier Li Qiang said that despite international uncertainties, relations with Russia are progressing steadily and gave the message that the two countries will continue to strengthen cooperation in the face of external pressures.
News Source: 12punto
