Moscow/Beijing – ‘Increasing use of local currencies in foreign trade is important. There should be more incentives for the use of national currencies. For this, activities in the financial and banking sectors must be expanded in mutual markets. Russia has shown readiness to use China’s Yuan in trade between countries in Asia, Africa and Latin America. I am sure that these forms of settlements in yuan will be developed between Russian partners and their counterparts in third countries,’ Russian President Vladimir Putin assured.
Chinese President Xi Jinping is on a three-day visit to Russia. On the second day of the visit, the delegations of Russia and China, including the heads of the two countries, discussed several important issues, including trade, economic cooperation, and defence partnership. At this time, Russia and China are said to have signed 14 agreements. These include agreements in agriculture, industry, research, media, technology, and infrastructure, along with a nuclear deal. Putin also said Russia and China have agreed on an ambitious gas pipeline project.
Trade between China and Russia has risen to $150 billion and is estimated to reach $200 billion by the end of 2023. In the last year, the trade between the two countries has increased by 30 per cent, with energy accounting for the most. Only recently, it has come to light that Russia has become the largest energy exporter to China. China has been found to be exporting equipment for systems, semiconductors and raw materials to Russia.
Putin and Xi Jinping also decided to strengthen the trade and defence partnership. Both leaders criticised the AUKUS submarine deal as well as the growing NATO movement. The sources said the two leaders agreed that Russia and China would work together to maintain the international system. Putin is also said to have claimed that China’s peace proposal could be a stepping stone to ending the Russian-Ukraine conflict.
Against the backdrop of the Russo-Ukraine conflict, western countries are trying to isolate Russia. On the other hand, the United States and European countries are trying to corner China on Taiwan and other issues. With this in mind, Russia and China have increased their closeness and are preparing to openly challenge the United States with the help of other friendly countries. The meeting between Putin and Xi, as well as the discussions and agreements, are part of it.