- The yuan’s share of Russian import invoicing has jumped to 20% since the Ukraine war, a study found.
- The yuan was more pronounced in the import of sanctioned goods, the European Bank for Reconstruction and Development wrote.
- Yuan invoicing was especially pronounced in the import of industrial-capacity goods that have been sanctioned.
Use of the Chinese yuan has jumped considerably in Russian trade, becoming a preferential vehicle currency in the face of Western sanctions.
Prior to Russia’s invasion of Ukraine early last year, only 3% of Russian imports were invoiced in yuan, but by the end of 2022 the share grew to 20%, according to a study from the European Bank for Reconstruction and Development.
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