Russian President Vladimir Putin has said the vast majority of transactions between Russia and China are now being conducted in their national currencies, describing dedollarization as an "inevitable" process.

According to The Iran Project, Putin made the remarks during a meeting with his Chinese counterpart, Xi Jinping, in Beijing on Thursday. The Russian leader is in China for a two-day state visit, his first foreign trip since winning a landslide reelection in March, as Beijing and Moscow look to further deepen a "no-limit relationship".

Putin hailed the growing cooperation between the two allies in various fields, especially in trade, saying the decision to carry out transactions in national currencies has been a "powerful impetus" to the expansion of bilateral trade.

He noted that 90% of all payments between Russia and China are made in rubles and yuan.

The Russian president emphasized that the process of dedollarization of the national and international economy is "inevitable".

President Xi of China greeted Putin as an "old friend" and emphasized that relations between their respective countries have stood the test of time.