BEIJING, November 10 (RIA Novosti) – Accounting in the Russian ruble and Chinese yuan will most likely weaken the dollar's influence on the global energy market, Russian President Vladimir Putin said Monday.
"Accounting in rubles and yuan are very forward-looking. This means that if widely adopted, the influence of the dollar in the global energy [sector] will objectively decrease. This isn't bad for the world economy, global finances or global energy markets," Putin said during his speech at the Asia-Pacific Economic Cooperation (APEC) summit in China.
During a November 9 meeting on the sidelines of the APEC summit Putin and Chinese President Xi Jinping discussed the possibility of using the yuan in transactions in fields of mutual cooperation.
According to the Russian president, possibilities to increase the use of the Russian and Chinese currencies in bilateral trade and notably in the energy sector are currently being studied.
Amid the western economic sanctions imposed on Russia over its alleged role in the Ukrainian crisis, Moscow has increased its economic cooperation with other BRICS nations – Brazil, India, China and South Africa – as well as with Asia-Pacific and Latin America.
In October the central banks of Russia and China signed a three-year currency swap agreement amounting to 150 billion yuan ($24.5 billion). According to the Russian regulator, the agreement will promote the development of bilateral economic relations and the greater use of rubles and yuan in trade and investment.
