$20 Billion Oil Deals Paid in Chinese Yuan, US Dollar Left Out
Crude oil trade between Russia and China has reached record levels, reaching their highest point, defying US tariffs and sanctions. According to the latest data from the Chinese General Administration of Customs, oil trade between the two countries reached $19.14 billion. The majority of the cross-border transactions were carried out for oil in the Chinese yuan and not the US dollar. However, the amount marked a 2.8% decrease from a year earlier due to tougher and restrictive sanctions from the US. The overall trade between Russia and China in 2025 reached $125 billion, with $19.14 billion being crude oil deals. The majority of the time, the Chinese yuan and the Russian ruble were used and not the US dollar. China is the top buyer of Russian oil as it’s available at a discount due to the US sanctions. The cheaper prices are what kept Russia’s economy afloat, as even India has massively procured oil for the past two years. Also Read: Interest in the US Dollar Coming To An End...