Following the imposition of #US sanctions and tariffs that aimed to discourage Russia's global trade, an unintended (but rather rational) consequence has emerged: a dramatic increase in trade between China and Russia, conducted primarily in Ruble and Yuan.

As of 2023, 90% of all trade between the two nations bypasses the U.S. #dollar. China's imports from Russia, notably oil and gas, have soared, while its exports of vehicles, machinery, and electronics to Russia have seen a marked rise. This economic partnership resulted in a record $240 billion in #trade between Russia and China in 2023, a 26.3% increase from the previous year.

By weaponizing the dollar, the United States inadvertently propelled these countries toward a #trading system independent of U.S. currency. Latest data from SAFE show the share of Chinese yuan used in China-based trade edged higher in April (52.9% up to 53.2%) while the U.S. dollar edged lower (42.8% down to 42.1%). This statistic underscores the ongoing trend of shifting away from the dollar in #InternationalTrade.