Russia has signed trade deals worth 1 trillion rubles (equivalent to $13.1 billion) in local currencies. This is the second time in a row that Russia signed trade agreements worth $13.1 billion. The deals were inked at the St. Petersburg International Economic Forum (SPIEF), announced Governor Alexander Beglov. The national brand space ‘Buy Russian!’ was the centerpiece at the SPIEF forum in St. Petersburg.
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The deals extended to over 40 investment agreements with over 67 trade policies touching exactly 1.0288 trillion rubles. The agreements are mostly focused on science and technology projects and the funds will be deployed through 2030. The SPIEF event was held this week under the theme “Shared Values: The Foundation of Growth in a Multipolar World.” Russia aims to achieve a multipolar financial world where local currencies will be used for all transactions.
A deal was also inked with China at the SPIEF forum for the mass production of spectrometers on femtosecond lasers. Payments for the joint initiative will be settled in local currencies by Russia and China. Both the Chinese yuan and the Russian ruble will be used as the two nations will deliver different production units.
Russia Pushing Local Currencies For All New Trade Deals
Despite the White House imposing sanctions on Russia, the Putin administration is gaining a foothold in the financial sector. From gaining new trade deals to rewriting existing policies that benefit its economy, the country is lifting its economy even under pressure. Russia wants to push its local currency, the ruble, as the main tender for all cross-border transactions and businesses.
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“St. Petersburg’s SPIEF-2025 agreements are aimed at bolstering the scientific and industrial potential of the city, known as Russia’s northern capital. Science, cutting-edge industry, and new technologies will remain the city’s top development priorities through 2030,” said Beglov to Tass.
