EconomyU.S. secondary sanctions derail Russia’s effort to replace dollar with yuan

Russia has effectively abandoned efforts to replace the dollar with the yuan in foreign trade, Bloomberg reported. After the U.S. tightened secondary sanctions on banks, Chinese financial institutions began reducing cooperation. The yuan’s share of Russian export settlements fell by half from its 2024 peak to 22%, and many payments to China now go through intermediaries without any guarantee of success.

Russiayuansecondary sanctionsforeign trade

MMeduza★★★☆☆2026-11-11 08:22Original