The share of bilateral settlement in local currencies between Russia and China has reached 95%, reducing reliance on the US dollar to cope with sanctions pressure.

Russian President's Special Representative: The share of settlements in national currencies between Russia and China has reached 95%, reducing the risk of sanctions pressure

Boris Titov, Russian President's special representative for communication with international organizations on achieving sustainable development goals and chairman of the Russian side of the Russia-China Friendship, Peace and Development Committee, stated that Russia and China have almost completely shifted to settlements in their national currencies, allowing the two countries to reduce their dependence on the US dollar and minimize the risks of sanctions pressure and currency fluctuations.

Titov pointed out at the 6th Russia-China Entrepreneurs Forum: "Now, 95% of our settlements are conducted in national currencies, which has become a very important tool to counter Western pressure."

According to him, this reduces dependence on the US dollar and minimizes the risks of sanctions pressure and exchange rate fluctuations.

Titov added: "This lays a solid foundation for further deepening cooperation, especially in the context of an unstable global situation."

The 6th Russia-China Entrepreneurs Forum was held in Xi'an, China from November 23 to 25. This year's theme of the forum was "New Opportunities for Russia-China Cooperation." The event was jointly organized by the Russia-China Friendship, Peace and Development Committee and the Shaanxi Provincial People's Government, with about 500 representatives from business and government institutions attending.

Original: www.toutiao.com/article/1849644003559436/

Statement: This article represents the personal views of the author.