According to Vladimir Putin, Russia has increased the usage of its domestic currencies and mutual settlements with its other international economic partners.
Rupee and yuan are currently being used by Russia and China to settle trade instead of the US currency. According to President Putin, his nation is encouraging the use of domestic currencies to settle cargo payments with other SCO members.
“Russia will keep deepening its relationships with SCO members, which are getting closer all the time. Over 37% more trade was conducted between Russia and SCO nations last year. In the period from January to April of this year, it climbed by 35% more, setting a new record, according to Russian President Vladimir Putin’s virtual speech at the SCO summit presided over by India.
According to Putin, Russia has increased the use of domestic currencies and reciprocal settlement with its other international economic partners. “For instance, more than 80% of business dealings between Russia and China are conducted in rubles and yuan,” he stated.
According to Putin, “the share of Russian currency in the transaction with other SCO members in 2022 exceeded 40%.”
The Russian president stated that his nation has been actively participating in the SCO’s roadmap for switching to national currencies in cross-border trade, which was authorised at the previous summit.
Following its invasion of Ukraine in February of last year, Russia has been the target of sanctions imposed by the West under the leadership of the US.