Analysis News TheBitTimes.com

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...

Russia has signed trade deals worth 1 trillion rubles (equivalent to $13.1 billion) in local currencies. This is the second time in a row that Russia signed trade agreements worth $13.1 billion. The deals were inked at the St. Petersburg International Economic Forum (SPIEF), announced Governor Alexander Beglov. The national brand space ‘Buy Russian!’ was the centerpiece at the SPIEF forum in St. Petersburg. Also Read: CIS Settles 99% of Payments in Local Currencies, Ignore USD The deals extended to over 40 investment agreements with over 67 trade policies touching exactly 1.0288 trillion rubles. The agreements are mostly focused on science and technology projects and the funds will be deployed through 2030. The SPIEF event was held this week under the theme “Shared Values: The Foundation of Growth in a Multipolar World.” Russia aims to achieve a multipolar financial world where local currencies will be used for all transactions. A deal was also inked with China at the SPIEF...