JRL NEWSWATCH: “Russia, China dump the dollar as Moscow announces new trade corridors” – Quincy Institute
“The Kremlin is looking to reshape global commerce in an effort to dodge Western sanctions”
“Russia announced this week that its bilateral trade with China has almost completely moved away from using the U.S. dollar, highlighting the two countries’ commitment to reducing their reliance on the U.S.-led economic system. … [T]hese ‘de-dollarization’ efforts allow Russia and China to avoid … myriad sanctions … preventing Moscow from doing business on the international market. Western sanctions have helped lead to a boom in trade between Moscow and Beijing since 2022, rising 26% to $240 billion this year. China has also become the world’s leading importer of Russian oil. … [In addition,] Russian officials announced last week at a [UN] meeting that the Kremlin is spending billions of dollars to dodge Western sanctions by developing new trade routes in Asia. …”