Russia and China's $214 Billion Trade Surge Is Nearly Dollar Free. Here's what it means for Latin America.

In this pool photograph distributed by the Russian state agency Sputnik, Russia's President Vladimir Putin (R) shakes hands with China's Premier Li Qiang (L) during their meeting in Saint Petersburg on October 21, 2026. (Credit: Photo by Gavriil GRIGOROV / POOL / AFP via Getty Images)

The Briefing

• Russia-China bilateral trade surged 30.6% to $214.3 billion in the first nine months of 2026, with economists projecting a full-year total of $270–$275 billion — and transactions settled almost entirely in national currencies.
• Russia's agricultural trade with China grew approximately 34% in the first seven months of 2026, intensifying competition with Brazil and Argentina for Chinese market share, as China simultaneously displaced Russia as Brazil's single largest fertilizer supplier for the first time.
• The Putin-Li Qiang summit in St. Petersburg on October 21 — held hours after separate Ukraine peace talks with U.S. envoy Steve Witkoff — signals that Moscow is keeping all diplomatic doors open while deepening its economic integration with Beijing at a pace that is restructuring global commodity flows.