Russia expects mutual accounting with China in both currencies: official

Russia expects to speed up the process of mutual accounting with China in both national currencies, a senior Russian diplomat said Wednesday.

Russia and China have been leading the process thanks to high volume of bilateral trade, especially in the energy sector, said Vadim Lukov, the Russian Foreign Ministry's coordinator for Group of 20 and BRICS affairs and ambassador at large.

"Qualitative expansion of fuel trading between Russia and China will facilitate speeding-up of the massive introduction of the ruble-yuan accounting," the diplomat was quoted by RIA Novosti news agency as saying.

"There are good precedents (of mutual accounting) in Russia and China," Lukov said.

Currently, Russian exports to China mostly consist of raw materials and energy resources, while China exports to Russia manufactured goods.

Lukov also claimed that other BRICS countries have been considering the option of mutual accounting as well. Apart from China and Russia, BRICS groups Brazil, India and South Africa.