VTB boss sees nations as natural economic partners

Kostin said BRI projects are among the Russian bank's core interests and important tools in further developing the two countries' mutually beneficial economic connections.

Russian and Chinese companies should appreciate their countries having their highest level of relations yet, he said.

China and Russia agreed to upgrade their relations to a comprehensive strategic partnership of coordination for a new era in June, when Xi and Putin met in Moscow.

"In Russia, we highly value the decision made by our leaders," Kostin said.

The new level of bilateral ties reflects mutual confidence, true neighborliness and win-win cooperation in all key areas accumulated over the past 70 years, he said.

VTB Bank, founded in 1990, entered the Chinese market in 2008 and became the market leader in RMB-rouble operations in China.

VTB remains the only Russian financial institution with a full banking license on the Chinese mainland, Kostin said.

The financial group's experience in China is an example of practical Sino-Russian economic cooperation, he said, and the bank considers the Chinese market of prime importance.

Kostin expressed confidence in the Chinese market as well as the future of Sino-Russian economic ties, saying that although most trade transactions between the two countries are still in the US dollars, the share of other currencies, including the RMB and rouble, is rising.

He called for establishing reliable bilateral settlement and payment vehicles to prevent any damage to the economic cooperation amid international challenges of sanctions and trade wars.

"Given the volume of trade between our countries, it is crucial to ensure stability and the security of the related financial services," Kostin said.