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Currencies

Russian companies shift to yuan as flight from dollar accelerates

More bond issues and trade conducted in China's currency, avoiding sanctions

A Rosneft oil refinery in Russia. The state-owned company will issue yuan-denominated bonds.   © Reuters

TOKYO -- More Russian companies are issuing bonds in the Chinese currency as yuan-denominated trade with China grows in the shadow of Western sanctions imposed on Moscow for its invasion of Ukraine.

With Russian President Vladimir Putin expected to meet Chinese counterpart Xi Jinping at a regional summit this week, closer financial cooperation may be on the agenda for their talks, including the possibility of Moscow issuing yuan-denominated government bonds.

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