President Vladimir Putin has referred to the state of Sino-Russian trade and how it has abandoned foreign currencies, including the dollar, in its evolution since the start of the Russian-Ukrainian conflict.

Talking to the official Chinese state news portal Xinhua, Putin noted that the partnership with China had evolved, with the Asian nation becoming Russia’s largest trade partner. Putin estimated that trading rose by $100 billion since 2021, with the possibility of further growth as the country continues to advance oil and gas projects to increase exchange volumes.

Referring to the diminished role of the U.S. dollar in this relation, Putin stated:

I would stress that while trade figures are denominated in US dollar equivalents, transactions between Russia and China are carried out in rubles and yuan, with the dollar or euro share reduced to a statistical discrepancy.

Putin stressed that cooperation in areas other than oil and gas, where Russia has consolidated as the number one exporter to China, was also being advanced. “We continue our joint efforts to reduce bilateral trade barriers. Russia is one of the world’s principal markets for Chinese car exports,” he stressed.

The statements echo what Putin had said in May, following a high-level meeting with President Xi Jinping, when he also revealed that there was a system for conducting trade that was “reliably protected from the influence of third countries and negative trends in world markets.”

The trade partnership between Russia and China, titans of the BRICS bloc, has also influenced the organization, which has vowed to reduce its reliance on the U.S. dollar and progressively migrate internal settlements to local currencies.

Read more: Russia–China Foreign Trade Near Dollar-Free: Almost All in Rubles, Yuan

Read more: Russia Intensifies Drive to Replace US Dollar in Global Trade

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