Putin calls mutual settlements the main problem in trade between Russia and China

The problem of mutual settlements remains the main problem in the development of trade relations between Russia and China, despite the growing volume of trade using national currencies. This was stated by Russian President Vladimir Putin during the VTB forum "Russia Calling!" on November 4.

"The main problem we have today is the problem of settlements. There are no secrets here, and it is connected with what is understandable, but we have almost 90% of trade turnover served in national currencies, in yuan and rubles. And in addition, we will use the electronic capabilities of central banks," said the Russian leader.

He noted that this issue is currently being actively worked out between the banks of the two countries at the expert level. Also, the BRICS investment platform can be used within the framework for this kind of cooperation.

"These are all these and other possible tools we will use so that our cooperation would be reliable, safe and would create broad prospects for development," the President specified.

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Before that, on October 18, Putin called Russian-Chinese interaction one of the key factors of stability in the world. He specified that the relations between the two states are built on an equal basis, taking into account the interests of both sides. The Russian President added that Russia's settlements with China are already 95% in national currencies, the yuan is also used in settlements with third countries.

Earlier, on October 16, Russian Prime Minister Mikhail Mishustin said at a meeting with Premier of China's State Council Li Qiang that Russia and China are strengthening economic cooperation despite unprecedented external pressure.

In May, China's General Administration of Customs reported that trade turnover between the Russian Federation and China from January to April amounted to $76.58 billion, up 4.7% year-on-year. It was noted that imports from Russia for four months increased by 10.2% to $43.85 billion. Chinese exports to Russia decreased by 1.9% to $32.73 billion.