More than 99% of trade between Russia and China is now being conducted outside the U.S. dollar as both nations accelerate efforts to de-dollarize their economies and shield their financial systems from Western sanctions.
The figure was confirmed by Russian Finance Minister Anton Siluanov during the 11th Russian-Chinese Financial Dialogue in Beijing. Siluanov stated that 99.1% of bilateral settlements between Moscow and Beijing are now carried out in rubles and yuan—up from roughly 90–95% earlier this year. He explained that this shift allows both countries to bypass “unfriendly foreign infrastructure,” referring to Western banking networks and payment systems such as SWIFT that are tied to the dollar and euro.
Trade between Russia and China has surged to around $240 billion annually, making it one of the largest bilateral trade relationships in the world. In just four years, both nations have nearly eliminated their reliance on the dollar for transactions—a dramatic change that underscores a broader global trend of financial realignment.
Since the start of the war in Ukraine in 2022, the U.S. and its allies have imposed sweeping sanctions on Russia, freezing assets and restricting dollar-based transactions. In response, Moscow has expanded energy sales to China, India, and other BRICS members while promoting ruble and yuan settlement mechanisms. China, for its part, has used the shift to strengthen the yuan’s role in global trade and finance.
A similar pattern has emerged elsewhere. China and Saudi Arabia have begun conducting oil trade in yuan, with nearly 20% of Saudi crude sold to China in 2024 now priced outside the dollar. This trend among BRICS and allied economies is gradually eroding the dollar’s dominance in global trade.
The U.S. has grown increasingly alarmed at this shift. Over the summer, President Donald Trump imposed 50% tariffs on Brazil and India—two BRICS members Washington once viewed as potential moderating influences within the bloc. The move backfired, accelerating economic coordination between Beijing, Moscow, New Delhi, and Brasília. In September, Indian Prime Minister Narendra Modi traveled to China for his first visit since 2018, meeting President Xi Jinping in what many observers described as a rapid rapprochement following years of tension, spurred in part by Washington’s economic pressure.