XI’AN /China/, November 24. /TASS/. The share of settlements in national currencies between Russia and China has reached 95%, which helps minimize the risk of sanctions pressure from the West, Russian presidential envoy for relations with international organizations to achieve sustainable development goals Boris Titov said.

"The fact that 95% of settlements between our countries are now conducted in national currencies has become a very important tool in combating Western pressure. This has reduced dependence on the dollar and minimized the risks of the sanctions pressure and currency fluctuations," he said at the sixth Russia-China Forum for Small and Medium-Sized Enterprises (SMEs) in China’s Xi’an.

Despite these successes, the speed and cost of transactions for businesses remains a challenge, Titov noted, adding that to address it, the parties have begun implementing alternative mechanisms, including settlements using digital financial assets.