Russian Finance Minister: The share of trade settlement in national currencies between Russia and China has reached 99%

Russian Finance Minister: Bilateral Settlement in National Currencies Between Russia and China Has Reached 99%

Anton Siluanov, Russian Minister of Finance, said in an interview with TASS on the eve of the BRICS New Development Bank (NDB) Board of Governors meeting that Russia is continuously expanding the scale of settlement in national currencies with its partner countries, with the rate of bilateral trade settlement in national currencies with China having reached 99%.

When asked about the proportion of trade settlement between Russia and China conducted in national currencies, Siluanov responded clearly: "Yes, it has reached 99%."

He also noted that over half of Russia’s exports to partner countries are settled in rubles. Siluanov stated: "Trade between Russia and its partner countries primarily uses national currencies, with the ruble being the first choice. Last year, the share of rubles in foreign trade settlements for Russian goods and services exceeded 53%. For us, the ruble is the most reliable currency."

He believes that settlement using digital currencies—including the digital ruble—also holds broad prospects. He emphasized: "We can now use financial assets issued by Russia—namely, the increasingly popular digital ruble—for settlement. This is crucial for diversifying payment channels, and all countries recognize this point."

He added: "The volume of settlements using digital financial assets is steadily growing. Many digital financial assets are issued pegged to legal tender, and their share will continue to rise year by year. Regardless, these represent more modern tools for international trade settlements, without reliance on traditional financial infrastructure."

The NDB Board of Governors’ annual meeting will be held for the first time in Moscow from May 14 to 15, 2026. As the bank’s highest decision-making body, the Board reviews strategic matters such as admitting new members and approving overall development strategies. Ministers or their representatives from member countries will attend the meeting.

Source: sputniknews

Original article: toutiao.com/article/1865050559877123/

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