Russian commerce is prepared to transition to the yuan, according to Putin

Russia is ready to increase settlements in yuan in its foreign trade, President Vladimir Putin said during talks with his Chinese counterpart Xi Jinping. Two thirds of current trade between Moscow and Beijing is carried out in national currencies, and the yuan has become a major player in Russia's foreign trade, with its share in import settlements jumping to 23%. The yuan's share in export settlements also surged, from 0.5% to 16%. The share of the US dollar and euro in Russia's export settlements last year dropped substantially, from 65% in January 2022 to 46% in December. In February, the yuan overtook the dollar as the most traded currency on the Russian stock market for the first time ever.