Russia has abandoned the dollar and is settling payments directly in renminbi.

Speaking in Beijing recently, Russian Ambassador to China Igor Morgulov said Moscow and Beijing have built a "highly reliable bilateral settlement system" and now conduct almost all trade in their own currencies.

  Ruble-renminbi settlements reach 99.1%  

Earlier, Russian Finance Minister Anton Siluanov told reporters during the 11th China-Russia Financial Dialogue that the two countries have essentially moved away from Western currencies. "Almost all payments are now completed in rubles and yuan," he said.

Media reports put the share of local-currency settlement in bilateral trade at 99.1 per cent, higher than the 90-95 per cent range previously cited by the Russian government. "The figures speak for themselves," Siluanov noted.

  China-Russia trade to exceed USD 200 billion  

Addressing the "Ambassador's Forum" at Renmin University's Chongyang Institute, Morgulov forecast that two-way trade will "far exceed" USD 200 billion in 2025 and could edge above USD 220 billion.

Chinese customs data show January-November trade at USD 203.67 billion, down 8.7 per cent year-on-year but still above the USD 200 billion mark for the third straight year.

"Both sides have a strong shared will to deepen mutually beneficial cooperation," the ambassador said. China has been Russia's largest trading partner for 15 consecutive years, while Russia is China's fifth-largest partner.

On 23 September the world's first Arctic-Europe container express service set sail from Ningbo-Zhoushan Port; the vessel "Istanbul Bridge" reached the U.K. port of Felixstowe via the Northern Sea Route in 20 days, versus 30-40 days via Suez, sharply lifting transport efficiency.

Russia is one of China's top oil and gas suppliers. Morgulov said the two sides are finalising details of a new gas pipeline that will cross Mongolia, securing Chinese consumers' supply for decades.

With the global energy transition accelerating, he added, "traditional fossil fuels are gradually giving way to new renewables. Russia and China share a highly compatible stance on energy transition; the faster decarbonisation process will create fresh growth points for our cooperation."

  Mutual visa-free travel  

The ambassador called visa-free travel "a milestone of the past year." Russia and China respectively waived visas for each other's citizens on 15 September and 1 December, instantly boosting tourist flows.

He invited Chinese travellers to "come and see Russia's magnificent scenery and sample multi-ethnic cuisine," adding that the Year of Russian-Chinese Culture has just concluded and a Year of Education is being prepared.

Currently 66,000 Chinese students are enrolled in Russian universities and 21,000 Russians study in China. Student-visa applications from Chinese citizens rose 25 per cent in 2025. "We are very close to the 100,000-person target set in the 2030 Cultural-Humanitarian Roadmap and will probably hit it ahead of schedule," Morgulov said