Russian First Deputy Prime Minister Andrei Belousov announced that 95 percent of all trade between Russia and China is now carried out in rubles and yuan.

Belousov said at the meeting of the Russian-Chinese Intergovernmental Commission on Investment Cooperation held in Beijing: "The volume of mutual settlements between our countries in national currencies is increasing, and the yuan and ruble already account for 95 percent of the total trade between Russia and China."

"From January to October 2023, bilateral trade between the two countries increased by more than a quarter, and for the first time in the history of the two countries reached $196.5 billion," Belousov said, noting that by the end of this year it is expected to exceed the level of $200 billion, although this target level was scheduled to be reached by 2024.

In recent years, trade between Russia and China has doubled, and under Western sanctions, Moscow has redirected a large part of its exports, especially energy, to China and increased purchases of cars, equipment and electronics from Beijing.

Experts say boosting cooperation with China will allow Russia to recover quickly from the fallout from sanctions, and converting about 90 percent of mutual payments into rubles and yuan would protect transactions from external influence.

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