Russian Prime Minister Mikhail Mishustin said Oct. 21 that nearly all trade settlements with China are conducted in rubles and yuan, as the two governments met in St. Petersburg to advance economic ties.
Mishustin put the growth in bilateral trade over 25 years at more than 30-fold. His currency claim concerns how transactions are settled; the growth figure concerns trade between the countries.
Mishustin met Chinese Premier Li Qiang for the premiers’ 31st regular meeting. They signed a joint communiqué. China’s government said Li wanted the countries to turn their leaders’ understandings into concrete results.
Mishustin also pointed to energy ties, saying Russia remained China’s largest oil supplier and natural gas deliveries through the Power of Siberia pipeline were continuing.
A bilateral commission has more than 90 projects in its portfolio, including projects in agriculture and metallurgy, Mishustin said. He put the increase in agricultural trade during the first nine months of 2026 at more than one-third compared with the same period a year earlier.
Mishustin called for improvements at border crossings and more flights between the countries. A Russian Cabinet briefing put the increase in mutual tourist flows in the first half of 2026 at 43%.
