China's yuan emerged as Russia's primary foreign currency for overseas economic activities, a shift driven by Western sanctions and Russia's expulsion from the Swift system in February 2022.

The yuan's share in Russia's exports surged from 0.4% to 34.5% in two years, with imports rising from 4.3% to 36.4%. Settlements in roubles and yuan in bilateral trade have reached 95%.

Russian officials, including Central Bank Governor Elvira Nabiullina and First Deputy Prime Minister Andrei Belousov, highlighted the growing importance of the yuan.