Putin Aligns With Xi Jinping, Favors Yuan To Reduce Dependence On Dollar For Trade

Russian President Vladimir Putin, on Tuesday, said his country was in favor of using the Chinese Yuan for trade settlements between Russia and other countries.

What Happened: Putin, after holding a second round of talks with Xi Jinping, said, "We are for the use of the Chinese Yuan in settlements between Russia and Asian countries, Africa, Latin America," Tass reported.

He also expressed confidence that such “forms of payments will be developed between Russian partners and their colleagues in third countries.” 

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“This practice should be encouraged further,” he added.

The move is aimed at weakening the power of the U.S. dollar as the Russian president, along with his Chinese counterpart, agreed to "significantly increase" trade between their two countries by 2030.

Putin, on Tuesday, held a second round of talks with Xi, discussing security and economic issues, including energy, resources and information technology. The two leaders also signed a joint statement pledging cooperation through 2030.

Meanwhile, Putin and Xi, in a joint statement, called Washington to stop "undermining global strategic security" and cease developing a global missile defense system. Xi's visit to Russia was a major boost to Putin as the Russian leader squared off against what he called a hostile West bent on inflicting a "strategic defeat" on Moscow.

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