On May 20, Sergey Lavrov, Russia’s Foreign Ministry chief, declared that bilateral trade between Moscow and Beijing has already achieved a full transition to transactions exclusively in rubles and yuan.
In an interview, Lavrov stated: “Russia and China are already trading 100% in rubles and yuan.”
He added that more nations are abandoning the U.S. dollar as the global reserve currency, with similar trends observed across Latin American countries and within regional organizations including the Association of Southeast Asian Nations (ASEAN) and the Shanghai Cooperation Organization (SCO).
Lavrov noted: “It means a very simple thing. The financial and economic system led by the West after World War II can no longer function in such a way that the West continues to benefit.”
The remarks followed statements from Russian President Vladimir Putin, who on the same day emphasized that numerous agreements between Russia and China are designed to deepen economic cooperation. Putin stressed that nearly all trade operations between the two nations use rubles and yuan exclusively and are protected from external market disruptions.
Chinese President Xi Jinping reported that bilateral trade has exceeded $200 billion for three consecutive years, describing the outcomes of Moscow-Beijing collaboration as “constantly admirable.”
