China and Russia are preparing to resume barter trade amid tightening Western sanctions on banks, Reuters reports, citing several sources.
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The first barter agreements could be concluded in the fall of 2024. Russia is currently developing regulations that would allow this to be done. The publication suggests that China will also develop its own legislation.
To begin with, the countries plan to trade agricultural products, Reuters believes. The possibility of exchanging Russian metals for Chinese cars is also discussed.
The last time barter trade between China and Russia took place in the 90s of the last millennium. Later, thanks to the development of the banking sector, all trade completely switched to bank settlements.
Barter trade should allow Russia to bypass problems with payments and reduce the visibility of bilateral transactions for Western regulators.