OREANDA-NEWS  Settlements in national currencies are the right process that cannot be stopped. So Russian President Vladimir Putin spoke about the transition to payments in rubles and yuan, RT quotes him as saying.

The Americans themselves are undermining confidence in the dollar and its role as the world's reserve currency, the head of state added.

Earlier, Putin said that China has become Russia's main trading partner and most of the bilateral settlements between the countries take place in rubles and yuan. He estimated the share of payments in national currencies at 90 percent.

Settlements in national currencies are conducted not only with China. So, in March 2024, the share of the ruble in settlements with Europe for the export of Russian goods and services reached a record high of 58.5 percent. According to the Central Bank, this indicator increased by 10.8 percentage points (percentage points) year-on—year, and by 9.6 percentage points compared to February 2024. The share of currencies of unfriendly countries accounted for 28.5 percent of transactions (minus 19 percentage points in annual terms and 5.9 percentage points in monthly terms), and currencies of friendly states — 13 percent.

According to Alexander Abramov, Candidate of Economic Sciences, head of the laboratory of the Institute of Applied Economic Research of the RANEPA under the President of the Russian Federation, the refusal to use the dollar and the euro in international trade is a forced measure. Settlements in rubles and yuan make it possible to maintain trade relations between Russia and China, he explained. The Chinese currency is pegged to the dollar and at its expense you can "buy a lot of things" in China and countries that are located next to China.