Russia, China dump dollar, settle 80% trade in ruble, yuan: Putin at SCO

Russia has completely shunned US dollar and is now settling trade with China in ruble and yuan. President Putin said his country is promoting the use of national currencies to clear shipment payments with other SCO member countries."Russia will continue to strengthen ties with SCO member states and these ties are becoming stronger and stronger. The trade between Russia and SCO countries increased last year by more than 37 per cent. It reached the record high 263 billion dollar and in January-April of this year, it increased by 35 percent more," Russian President Vladimir Putin said in his virtual address at SCO summit chaired by India.Putin said Russia has been expanding the use of national currencies and mutual settlement with its other overseas trading partners. "For example more than 80 per cent of commercial transactions between Russia and China is being done in rubles and yuan," he said."The share of Russian currency in the transaction with other SCO members in 2022 exceeded 40 per cent," Putin said.The Russian president said his country has been taking active participation in the implementation of the roadmap of the SCO on transitioning to the national currencies in mutual trade which was approved at the previous summit.Russia has been at the receiving end of US-led sanctions regime by Western countries after it invaded Ukraine in February last year.With inputs from agenciesRead all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.