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Russia's Internet firm to develop online retail trade with China

Xinhua, March 19, 2015 Adjust font size:

Russia's top Internet search engine Yandex said Thursday that it has inked a cooperation deal with a group of Chinese companies and organizations to develop online retail trade between the two countries.

The online trade turnout may reach 50 million rubles (815,000 U.S. dollars) by summer, Anna Kuzmina, deputy commercial director of Russia's largest electronic payment service Yandex Money, told the Vedomosti business daily.

The platform is designed to help Chinese businessmen operating border trade sell goods online, as an approach to maintain their market share amid the depreciation of Russia's ruble.

The first trade operations will be tested with 10 large retailers in China's northeastern border city of Suifenhe and other cities in Heilongjiang Province. Endi