BEIJING, October 8. /TASS/. Trade and economic relations between Russia and China continue to develop dynamically despite Western sanctions, Russian Ambassador to China Igor Morgulov said at a formal reception at the diplomatic mission on the occasion of the 75th anniversary of the establishment of diplomatic relations between Russia and China.

"Despite Western sanctions, bilateral trade and economic cooperation shows powerful positive dynamics," Morgulov noted.

China has remained Russia's leading foreign trade partner for many years, and Russia ranks fifth among China's largest trading partners, the Ambassador said.

"I am confident that this year the volume of mutual trade will once again exceed $200 billion. I would like to stress that 95% of mutual settlements are already carried out in rubles and yuan," Morgulov said.

Trade turnover between Russia and China increased by 29.3% in 2022, to $190 billion. In 2023, it reached a record high of $240.11 billion, which is an increase of 26.3%.