Russia, China Enter Bank Deal Leaving the Dollar Behind: On May 20 Russia's second-largest financial institution, VTB, and the Bank of China signed an Agreement on Cooperation so they could "bypass the dollar and pay each other in domestic currencies."
This was followed by a May 21 announcement of "a mass natural gas deal" that has been in the works for ten years.
According to Al Jazeera America, Russian President Vladimir Putin addressed the financial agreement by saying, "Our countries have done a huge job to reach a new historic landmark."
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