Rosneft CEO: Russia-China Trade Turnover Creates Great Potential for Payments in Yuan and Rubles

MOSCOW (Sputnik) - The high volumes of trade between Russia and China create significant potential for mutual settlements in yuan and rubles, while the security of settlements in dollars is in doubt, the CEO of Russia's Rosneft Igor Sechin said on Monday.

"The achieved volumes of trade between Russia and China create significant potential for developing mutual settlements in yuan and rubles since the abuse of the role of the dollar to exclusively achieve [one's] own goals, as well as the quantitative easing policy pursued by the US Federal Reserve System — in fact, flooding the global economy with excess money supply — reduces the attractiveness of the dollar as the main currency of international settlements and casts doubt on the use of the dollar as a safe means of payment", Sechin told the Russian-Chinese Energy Business Forum.

The share of the dollar in the world reserves of central banks is currently at its lowest point in the past 5 years, at about 59%, he added.

According to Sechin, Moscow and Beijing are also expected to sign 20 agreements, regarding energy supplies, joint research, education, tech transfers, and others.