On Wednesday, Russian Finance Minister Anton Siluanov said that Russia and China were already engaging in record levels of trade, and that would only grow as the two nations forged even deeper economic ties.

In an interview with Tass news service on the sidelines of a business forum in Shanghai, Siluanov noted that bilateral trade between the two nations is already growing at a record rate, and it is presently on course to exceed the $200 billion target this year.

He noted, “If recently the figure of $200 billion seemed far off, this year we are likely to exceed it.”

In addition, the two nations have seen their economic ties reinforced as they have mutually decided to conduct the majority of their trade in national currencies, instead of the US dollar. Already official data shows that 70% of cross-border settlements between the two nations is conducted in rubles and yuan.

Siluanov said, “The participation of Chinese investors in the Russian stock market and the possibility of Russian investors to purchase Chinese bonds and assets without restrictions are on the agenda.” He noted this would require financial institutions in both nations to form a “depository bridge,” linking their financial systems.

From January to March, the volume of trade between Russia and China surged to roughly $52 billion, which marked an almost 25% increase from the same period one year prior.

Russian Prime Minister Mikhail Mishustin suggested during a recent trip to China, that the two nations should expand the transport routes between them, to include transports via air, the Northern Sea Route, and other pathways through Kazakhstan and Mongolia, as a means of facilitating even closer economic ties.