Amid a worsening stand-off between East and West, Russia and China are increasingly contemplating using their own currencies in mutual settlements and finding ways to work together to counter sanctions, Moscow’s envoy in Beijing has disclosed.
Speaking as part of an appearance on YouTube channel Soloviev Live on Wednesday, Andrey Denisov weighed in on the impact of embargoes imposed by Western nations on ties between the two nations.
“The fact that these sanctions have a negative impact on some aspects of our relations is indeed true,” he said, pointing at the impact on financial settlements. “If penalties are imposed on one of our banks, it is quite difficult for Chinese recipients of our products to pay us, although they have the money and the desire to do so.”
According to the envoy, “it is no coincidence that in recent years we have been talking more and more about the wider use of national currencies in the settlement of foreign trade transactions.”
Read more: As I said in recent videocast … Russia & China hatch sanctions busting plan to limit use of dollar. Diminishing the power of the dollar as the world’s ‘reserve’ (trading) currency would be an economic catastrophe for America