He said in an interview that Russia’s orientation towards the East is a fait accompli, look at the Russia-China trade turnover. “Lente.ru” First Deputy Chairman of the Board of Directors of Sberbank Alexander Vedyakhin on the sidelines of the Eastern Economic Forum.
“This is already done. Of course, there has been a return. Let’s look at least the trade turnover between Russia and China. Last year there were 190 billion dollars, and only in the first half of 2023 this figure reached 70% of the previous results. Second: Yuan’s “Its share in Russian exports increased to 25% and its share in imports increased to 34%. The yuan has already replaced the dollar and the euro and ranks second after the ruble in foreign trade payments. Third: We see that Chinese brands are actively developing in the Russian market,” he said.
Vedyakhin said that since the beginning of 2022, Sber’s yuan-denominated loan portfolio has grown almost a thousand times, deposits have grown 130 times, and conversion transactions on the yuan/ruble pair since the beginning of the year have approached an impressive figure of 1 trillion rubles.
“We found that Sber’s customer base in Russia consists of approximately 7.5 thousand companies with Chinese participation. “And the pipeline of investment projects with Chinese capital in Russia, according to our estimates, reaches 2 trillion rubles,” he said.
Anatoly Popov, formerly Deputy Chairman of the Board of Directors of Sberbank of Russia saidHe said Sber pays special attention to working with Chinese business and supports both Chinese companies localized in the Russian Federation and Russian business projects with China.