China and Russia have almost completely phased out their use of the US dollar in bilateral trade, Russian Prime Minister Mikhail Mishustin has said.

In a meeting with Chinese and Russian officials this week, Mishustin said more than 90% of trade between the two nations was denominated in either Russia’s ruble or China’s yuan. That “demonstrates almost full de-dollarization of economic ties,” Russia’s state-run news agency TASS quoted him as saying.

Trade between Russia and China has also expanded this year, as Western sanctions have made Russia’s economy more reliant on China for trade. Mishustin said total transactions between the two countries had swelled to a record $200 billion this year.

Meanwhile, Russia-US trade recently plummeted to a 30-year low. That came after the US and its allies largely cut off Moscow from the global financial system for its full-scale invasion of Ukraine in 2022.

Source: Markets Insider