Beijing: Russia and China have significantly increased their use of national currencies in trade settlements, reaching 99.1% according to Russian Finance Minister Anton Siluanov. This development highlights the deepening financial ties between the two nations amidst ongoing Western sanctions.

According to Anadolu Agency, Siluanov made these remarks during an appearance on Rossiya-1 television channel, corroborating a similar statistic previously cited by Russian Deputy Prime Minister Alexander Novak. At the 11th Russia-China Financial Dialogue in Beijing, Siluanov stressed the importance of maintaining a stable bilateral financial infrastructure and developing new payment channels to bolster mutual trade and investment.

Siluanov emphasized the necessity of creating favorable conditions for businesses and establishing a straightforward payment mechanism for Russian and Chinese citizens. He noted that such measures would also encourage cultural, scientific, and tourism exchanges between the two countries. Siluanov further remarked that the economic systems of Russia and China have shown resilience despite Western pressures and that their cooperation has become a stabilizing factor amid a period of global transformation.

Chinese Finance Minister Lan Fo'an, who co-chaired the meeting, advocated for enhanced coordination in macroeconomic policy and deeper collaboration in areas such as financial regulation, accounting, and taxation. Lan highlighted that both China and Russia play constructive roles in maintaining global strategic stability and improving governance, as reported by the Russian state-run Tass news agency.

The 11th Russia-China Financial Dialogue in Beijing underscores the ongoing efforts by both nations to expand their trade using local currencies and develop new mechanisms to reduce reliance on Western financial systems.