MOSCOW – Russia and China have decided to ditch dollar in their bilateraltrade giving a blow to US.
Russian President Vladimir Putin on Tuesday said Moscow and Beijing plan touse their own national currencies more often in trade deals as Russia’srelations with the West deteriorate.
“The Russian and Chinese sides confirmed their interest in using nationalcurrencies more actively in reciprocal payments,” Putin told journalistsduring a press briefing with Chinese Leader Xi Jinping after talks at aneconomic forum in the far eastern Russian city of Vladivostok.
Putin said this would “increase the stability of banks’ servicing of exportand import operations while there are ongoing risks on global markets”.
Russia has faced ever harsher sanctions since angering the West and Kiev byannexing Crimea in 2014 and backing separatist rebels in eastern Ukraine.
In recent months the United States (US) has imposed more sanctionsoveralleged Russian interference in the presidential elections andthe poisoning of ex-double agent Sergei Skripal and his daughter in Britain.
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Since the latest round of US sanctions and under the threat of furthermeasures, the ruble has dropped sharply in value against the dollar andeuro.
The yuan has fallen steadily against the dollar in recent months.
Putin in July said that “political disputes” were “damaging the dollar asthe global reserve currency”.
He said that the Chinese yuan was meanwhile “acquiring the qualities” of areserve currency.
