Russian banks say they've run out of yuan as Chinese firms pull away from the nation - eviltoast
Payment scuffles between Russian companies and Chinese banks have escalated in recent weeks, with Chinese firms pulling back amid fear of sanctions.
  • Russia’s yuan reserves are nearly depleted due to Chinese banks’ fear of US sanctions.
  • Lenders have urged Russia’s central bank to address the yuan deficit, causing the ruble to drop.
  • China’s hesitance stems from US threats of secondary sanctions over Russia’s Ukraine war financing.
  • explodicle@sh.itjust.worksEnglish
    11·
    2 months ago

    It would be interesting to see the ruble collapse entirely. Crypto is already very popular in Russia, so the state could lose a tremendous amount of power/funding when they need it most.