Western currencies have almost been completely phased out in Russia-China trade, as nearly all payments between the countries are now carried out in rubles and yuan, according to russina Prime Minister Mikhail Mishustin.

During a gathering on Tuesday with Chinese Premier Li Qiang, the Russian Prime Minister took the opportunity to convey his message, as part of a two-day visit to Beijing for the regular meeting between the leaders of both nations.

“The proportion of national currencies in bilateral settlements has been steadily rising. In 2020, it was around 20%, but this year we have successfully eliminated the use of third-country currencies in these transactions, according to Mishustin.”

He also mentioned strengthening business relations, recalling that a joint business forum held in Shanghai in MAy attracted more than 1,500 entrepreneurs from both countries.

The PRime Minister highlighted the government’s efforts to foster a favorable business environment for companies operating in Russia and China. He noted that there is a wide range of collaborative initiatives underway to support the growth and success of commercial enterprises in both countries.

In turn, Li Qiang noted that cooperation between Moscow and Beijing continues to strengthen and is becoming increasingly important against the backdrop of “global turbulence.”

Russia and its trade partners have started to switch to alternative currencies in mutual trade after sanctions effectively cut Moscow off from the Western financial system. A growing number of nations are turning to national currency settlements in trade.