19 December 2023
During a recent visit to China, Russian First Deputy Prime Minister Andrei Belousov revealed that 95% of trade between Russia and China this year has been conducted using the Russian ruble and Chinese yuan. Additionally, from January to October, 68% of all Russian trade utilized these two currencies, as stated by Russian Economic Development Minister Maksim Reshetnikov.
The yuan is also being used by Russia for commercial transactions with several countries, including Mongolia, the Philippines, Malaysia, the UAE, Thailand, Japan, Tajikistan, and Singapore. This shift highlights a growing trend towards de-dollarization, particularly in the economies of the Global South, with 2023 marking a significant acceleration in this process. The politicization and use of the dollar as a political tool are cited as key drivers behind this inevitable trend towards de-dollarization.