- Russia has embraced the yuan since its invasion of Ukraine triggered western sanctions.
- The renminbi is now used to settle 75% of its trade with China and 25% of its transactions with other countries, according to official data.
- The surge comes in the context of a wider de-dollarization drive, with both Moscow and Beijing trying to undermine the buck.
Russia has been stoking the de-dollarization movement by settling more contracts with its trading partners using the Chinese yuan – and the currency now accounts for a massive share of its imports and exports.
The renminbi was used to pay for for 75% of Russia’s trade with China and 25% of its dealings with other countries over the first half of 2023, Moscow-based outlet RBC reported Thursday, citing data from the Ministry of Economic Development.
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