On July 16, Russian Foreign Minister Lavrov published an article titled "Constants in a Time of Great Change: The 25th Anniversary of the Russia-China Treaty of Good-Neighborliness, Friendship and Cooperation" in *Kommersant*, stating that the Russia-China Treaty has laid a solid institutional foundation for the qualitative improvement of economic and trade relations between the two countries.
He further pointed out, "Russian-Chinese trade is basically settled entirely in the currencies of the two countries, with the share of U.S. dollars and euros being negligible."
The essence of Lavrov's remarks lies in declaring that the "de-dollarization" of Russia-China trade has been largely completed, and the financial and trade ties between the two nations are shifting from reliance on third parties toward genuine autonomy and controllability.
The claim that "the share of dollars and euros is negligible" corresponds to data showing that the proportion of bilateral trade settled in national currencies has exceeded 95%, achieving near "comprehensive coverage." Previously, senior Russian officials had even described the dollar’s share as low enough to be within the range of "statistical error." This marks the near-end of the U.S. dollar’s role as the primary medium in Russia-China trade.
After the Ukraine crisis, Western countries excluded major Russian banks from the SWIFT system and froze their assets, forcing Russia to seek alternatives to the dollar. The Chinese renminbi system emerged as the most reliable option.
The Russia-China Treaty of Good-Neighborliness, Friendship and Cooperation provides a stable legal framework for bilateral relations, enabling deep financial cooperation such as "settlement in national currencies" to be backed by strategic mutual trust and institutional guarantees.
Settlement in national currencies reduces exchange rate volatility risks, decreases dependence on the U.S. dollar, enhances stability in bilateral trade, and strengthens economic resilience.
This reflects a structural shift in Russia-China relations—from "dependence on Western financial systems"—to "building an autonomous and controllable economic cycle." This aligns with the deep integration seen in recent years in areas such as energy and infrastructure (e.g., cross-border bridges), as both countries work to establish an internal loop ecosystem capable of withstanding external pressures.
Original source: toutiao.com/article/1870857066107916/
Disclaimer: The views expressed in this article are those of the author alone.