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| China-Russia trade to hit record $190 billion in 2022. |
The above information was given by Mr. Andrey Belousov on November 20, at a meeting of the Russia-China intergovernmental commission in Beijing.
Since the West imposed sanctions on Russia over its military campaign in Ukraine, the two countries have accelerated the use of local currencies in trade.
Deputy Prime Minister Belousov said that about 95% of bilateral transactions are conducted in rubles and yuan. Given the current level of economic cooperation, this ratio may continue to increase.
"Western currencies are gradually 'disappearing' in Russia-China trade," he stressed.
At the meeting, the Russian government representative also said that bilateral trade turnover will exceed 200 billion USD this year and could reach 300 billion USD by 2030.
Last year, trade between Moscow and Beijing hit a record $190 billion, up 29% from 2011, as Western sanctions forced Russia to redirect trade eastward.
Mr. Belousov affirmed: "China has long been a major trading partner of Russia. Investment prospects between the two countries continue to expand. Chinese businesses benefit greatly after Western businesses withdrew from Russia due to the conflict in Ukraine.
Beijing's partners are deeply involved in many areas of Moscow such as oil and gas, petrochemicals, auto parts manufacturing, as well as consumer goods, glass, construction materials".
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