BEIJING, October 19. /TASS/. Russia and China should expand the use of the yuan and ruble in payments not only between each other, but also with third countries, Chief Executive Officer of Rosneft, Executive Secretary of the Commission for the Russian President on the strategy of development of the fuel and energy industry and environmental safety Igor Sechin said.

Russia produces 12% of global volume of liquid hydrocarbons, while China accounts for 14% of their global consumption, he said. "A considerable mutual flow of commodities, as well as commodity flows of third countries and clearing possibilities have enabled our countries to shift swiftly to payments in national currencies," he said at the Russian-Chinese Energy Business Forum, adding that the share of national currencies in payments between the two countries currently stands at 90%.

"It is necessary to expand the practice of using the yuan and ruble both on a bilateral basis and for payments with third countries," Sechin said, adding that he expects "the potential of this cooperation to result in a multi-fold rise in trade turnover."