Russian trade with China will reach $200 billion by 2024
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The sanctions on Moscow are driving Russia towards China - a reality that the West has been dreading.
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Russia and China look for stronger cooperation.
The Russian foreign ministry on Saturday revealed that it expects commodity flows with China to grow and trade with Beijing to reach $200 billion by 2024, according to Interfax news agency.
The West-led sanctions on Russia have driven Moscow to shift its economic ties and cooperation toward the East.
The ministry contended that Chinese companies must be cautious of the risks of subjection to secondary sanctions - however, Beijing is ready to expand cooperation with Moscow nonetheless.
The two global powers have also been building the necessary infrastructure for the transition to trading in national currencies.
On Tuesday, the Russian Deputy Foreign Minister Igor Morgulov told Sputnik that "Recent events have clearly demonstrated that it is national currencies that are the most reliable and secure form of payment.
"We have built the necessary infrastructure with China in this area: there is a bank authorized to clear yuan in Russia, the ruble-yuan pair is traded on the Moscow Exchange, and an agreement on a currency swap has been concluded between central banks," Morgulov said.
The share of national currencies in Russian-Chinese trade has increased significantly in recent years, according to the diplomat, who added that under the new conditions, the goal of increasing Russian-Chinese trade to $200 billion by 2024 is achievable.
The Russian president had said on March 23 that his country would stop taking payments in currencies that have been "compromised", though he did note that Russia would continue supplying gas in the volumes fixed in earlier contracts.
