Russia has redirected its trade to Asia

By Rhod Mackenzie

During a meeting with his Chinese counterpart, Lan Foan, on Monday, the Finance Minister Anton Siluanov announced that Russia is redirecting the majority of its exports from the EU to Asian countries.

This move is in response to Western sanctions, and Moscow is now focusing on diversifying its foreign trade, including energy supplies. Siluanov stated that Russia is currently in the process of reorienting its export flows to friendly countries, with China being the primary destination.

At the Russia-China Financial Dialogue forum in Beijing, the minister stated that our exports to Asian countries now make up almost 60%, which is almost twice as much as before.

Siluanov also highlighted the significant increase in imports of goods from China into our country, which is of great importance to us.

The minister stated that Russia-China trade has almost completely phased out Western currencies due to the establishment of necessary financial infrastructure to settle transactions.

Over 90% of turnover in our trade is carried out in national currencies, specifically the Chinese yuan and Russian rubles. Siluanov added that mutual trade is thriving despite external pressure and the fragmentation of the global economy.

Chinese customs data shows that trade volume with Russia reached a record $218.17 billion in the first 11 months of 2023, representing a 26.7% increase.