Russian President Vladimir Putin announced on Tuesday that over 80% of trade between Russia and China is conducted in the Russian ruble and the Chinese yuan, noting that the level of trade between Russia and Shanghai Cooperation Organization (SCO) countries has increased over the past year.
Speaking at the SCO Heads of State Council summit, Putin stated, “Over 80% of trade transactions between Russia and the People’s Republic of China are already conducted in rubles and yuan.”
He highlighted that Russia’s trade with SCO member states has increased by more than one-third over the past year, reaching a record high of $263 billion.
According to Chinese customs data, trade between Russia and China grew by 29.3% in 2022, reaching a record level of $190.271 billion.
During this period, China exported goods to Russia worth $76.122 billion, an increase of 12.8% compared to 2021, while shipments from Russia to China increased by 43.4% to reach a value of $114.149 billion.
