Russia, China Shift Almost All Mutual Payments Into National Currencies - Lavrov

MOSCOW (Sputnik) - More than 90% of Russian-Chinese financial settlements are conducted in national currencies, while bilateral economic cooperation is actively progressing, Russian Foreign Minister Sergey Lavrov said on Monday.

"Russian-Chinese trade and economic cooperation is actively developing, and this is despite the persistent attempts of the states of the collective West to put sticks in the wheels. There has been an almost complete de-dollarization of bilateral economic ties. Today, more than 90% of mutual settlements are converted into national currencies," Lavrov said at the meeting of the Council of Heads of the Russian regions.

Russian-Chinese energy cooperation is progressing "steadily," the foreign minister added.

"Supplies of our agricultural products to the Chinese market are growing. Joint projects are being implemented in the investment and industrial spheres. The mutual benefits of such cooperation are clearly felt on both sides of the Russian-Chinese border," Lavrov said.

In December 2023, Russian Prime Minister Mikhail Mishustin said Russia and China had achieved almost complete de-dollarization in their bilateral payments.

In August 2023, Lavrov said that BRICS member states were focused on working out mechanisms of mutual trade that would end their dependence on alien reserve currencies such as the US dollar.