Russia and China intend to “significantly increase” the use of yuan and ruble in payment settlements between the two countries, Russian Foreign Minister Sergey Lavrov said on Wednesday

MOSCOW (UrduPoint News / Sputnik – 01st June, 2022) Russia and China intend to “significantly increase” the use of Yuan and ruble in payment settlements between the two countries, Russian Foreign Minister Sergey Lavrov said on Wednesday.

“At a time when the United States and the European Union have turned their currencies into instruments of blackmail, we intend to develop an independent financial infrastructure and significantly increase the use of ruble and yuan for settlements between our countries. They already account for a quarter of our trade turnover,” Lavrov said at the seventh international conference Russia and China: Cooperation in a New Era.

Earlier in the day, Russian Consul General in Harbin Vladimir Oshchepkov told Sputnik that companies from regions bordering Russia and China are increasing the volume of mutual payment settlements in national currencies, primarily in yuan.

“It is indicative that the volume of settlements between our companies in national currencies, primarily in yuan, is growing,” Oshchepkov said.

According to Oshchepkov, from January to April 2022 in the Chinese border city of Suifenhe, payments with Russian counterparties in national Currency exceeded 840 million yuan, which is 370% higher than at the same period last year.

The wave of EU sanctions against Russia over its military operation in Ukraine has negatively affected Russia‘s economic and political relations with the West, prompting Moscow to strengthen partnership with Arab and Asian countries, including China as one of Russia‘s traditional partners.