News DeskBEIJING — In a significant shift away from the U.S. dollar, the vast majority of transactions between Russia and China are now conducted in their national currencies, President Vladimir V. Putin said on Thursday.
Speaking alongside President Xi Jinping of China in Beijing, Mr. Putin praised the deepening cooperation between the two countries, particularly in trade. “Relations between Moscow and Beijing are based on the principles of mutual respect, good neighborliness, and mutual benefit,” Mr. Putin said.
Despite challenges posed by the coronavirus pandemic and actions by other countries aimed at hindering their development, Mr. Putin noted that the volume of trade between Russia and China is steadily increasing, bolstered by a robust investment portfolio spanning various sectors.
Mr. Putin’s visit to China, his first foreign trip since being sworn in for a fifth presidential term earlier this month, underscored the growing alliance between the two nations. The leaders met outside the Great Hall of the People on Tiananmen Square, where they were greeted by a military orchestra playing the national anthems of both countries. They then posed for photographs before heading into a meeting with their delegations.
Emphasizing that the close ties between Russia and China should not be seen as a threat, Mr. Putin said, “It is absolutely crucial that Russian-Chinese relations are not ad hoc contacts and are not aimed against anyone.”
He added, “Our cooperation in world affairs is one of the main stabilizing factors on the international stage. Together, we defend the principles of fairness and the democratic world order based on multipolar realities and international law.”
Mr. Putin’s visit comes at a time of heightened tensions between NATO and the Russia-China alliance, with Western governments accusing Moscow and Beijing of aggressive and coercive behavior.
