Sweeping sanctions imposed by Western countries on Moscow after its attack on Ukraine are prompting Russian companies to turn to China and the yuan to cut their dependence on the U.S. dollar and find alternative currencies to use for business and investment.
Caixin
Yuan bonds debut in Russia as challenge to dollar dominance builds
Firms increasing use of Chinese currency to side-step Ukraine war-related sanctions
The yuan is increasingly being seen as an alternative currency as Russian companies seek to cut their dependence on the U.S. dollar as Western sanctions put a squeeze on their operations.
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