A senior executive spoke at the Eastern Economic Forum about Russia’s growing integration with the East. The emphasis was clear: trade with China is accelerating and shifting toward yuan as a major payment and financing tool. The remarks came from Alexander Vedyakhin, the First Deputy Chairman of the Board of Directors at Sberbank, during a media interaction on the forum floor. (Source: interview coverage at the event)
The shift is already evident. Vedyakhin highlighted Russia’s expanding trade with China, noting that in the previous year the bilateral turnover stood at 190 billion dollars. In the first half of 2023, the momentum showed that this figure was already 70 percent of the full-year total from the prior period. He also underscored structural changes in currency use, with the yuan gaining traction in Russian trade. The yuan’s share in Russia’s exports rose to 25 percent, while its share in imports climbed to 34 percent. He asserted that the yuan has begun to supplant traditional currencies in some payments, ranking second after the ruble in commerce with China. (Source: the same forum briefing)
On the financing side, Vedyakhin reported a dramatic expansion of Sberbank’s yuan-denominated activities. Since the start of 2022, the bank’s yuan-denominated loan portfolio grew nearly a thousandfold, deposits increased by about 130 times, and yuan-to-ruble conversions this year approached the significant milestone of one trillion rubles. (Source: forum remarks)
Vedyakhin also provided a glimpse into the business ecosystem linking Russia and China. He noted that roughly 7,500 Russian companies participate in Chinese business ventures or have Chinese involvement. Looking ahead, the pipeline of investment projects with Chinese capital in Russia is estimated to reach around two trillion rubles. (Source: forum briefing)
Anatoly Popov, who previously served as Deputy Chairman of the Board of Directors at Sberbank, reinforced the bank’s strategic focus. He said Sber places special emphasis on collaborations with Chinese enterprises and supports both Chinese firms operating in the Russian Federation and Russian projects with Chinese capital. This approach signals a broader push to deepen economic ties and diversify Russia’s financial and trade linkages. (Source: forum commentary)