Official announcements from BRICS nations or their central banks

Russia and China Conduct 90% of Trade in Rubles and Yuan, BRICS Bloc Moves Away from Dollar

May 16, 2024, 08:41 AM

Russian President Vladimir Putin has announced that 90% of all payments between Russia and China are now conducted in rubles and yuan, moving away from reliance on the US dollar. This shift to national currencies has provided significant momentum for the expansion of trade flows between the two countries. Putin made these remarks during his two-day visit to China, where he met with Chinese President Xi Jinping. The transition to using national currencies in trade deals is seen as a strategic move to safeguard their economies from the influence of third countries and to strengthen bilateral ties. Putin also highlighted that this change has given an impetus to the expansion of trade volumes between Russia and China. Additionally, Putin noted that the BRICS Bloc is moving away from the dollar and emphasized the importance of de-dollarization as a strategic imperative.