Against the background of the growing sanctions pressure on the part of the United States, Russia gradually started to refuse from the use of the US dollar. The share of the US dollar in Russia's export settlements in the fourth quarter of last year fell below 50 percent for the first time and amounted to 48.3 percent. A year earlier, this number was higher than 61 percent, Bloomberg said.
The current situation is largely due to the increase in trade between Russia and China. As of the end of the fourth quarter, more than 80 percent of it is conducted in euros. During the recent months, the Russian authorities have been trying to isolate the Russian economy from American intervention amid the growing threat of anti-Russian sanctions.
China, in turn, is ready to support Moscow. Chinese Foreign Ministry spokesman Wang Wenbin assured that "in matters of protecting state sovereignty, the PRC and Russia will support each other." At the same time, Beijing hopes that Washington and Moscow can begin a constructive dialogue and resolve differences on the basis of mutual respect, Wang said.