delivery time2023-03-01 01:28
Aftermath of international financial sanctions… Traded in Yuan as payment in dollars and euros was blocked
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(New York = Yonhap News) Correspondent Ko Il-hwan = It has been confirmed that Russia’s economic dependence on China has increased significantly following the invasion of Ukraine.
The Wall Street Journal (WSJ) reported on the 28th (local time) that Russia, which is facing financial sanctions from the international community, has significantly increased the proportion of Chinese yuan payments.
According to statistics from the Russian Central Bank, payment in Chinese yuan accounted for only 0.4% of Russia’s exports at the beginning of last year, just before the war in Ukraine, but in September of last year, it soared to 14%.
The dollar payment, which exceeded 50% before the war, decreased to the 30% level, and the euro decreased from the 30% level to the 20% level.
Russia’s decrease in transactions of the key currencies, the dollar and the euro, and the increase in transactions in the yuan seem to be an inevitable result of the financial sanctions imposed by the international community.
Immediately following the war in Ukraine, the international community, including the United States, froze Russia’s overseas assets amounting to 300 billion dollars (regarding 396 trillion won), and excluded major Russian banks from the SWIFT payment network.
It is explained that Russia had no choice but to rely on the yuan because it might not freely settle in dollars and euros.
Russian businesses and citizens have also increased their use of the yuan.
Last year, Russian companies issued yuan-denominated bonds totaling $7 billion (approximately 9.2 trillion won).
The scale of foreign currency deposits of Russian citizens was close to zero at the beginning of last year, but at the end of last year it soared to 6 billion dollars (regarding 7.9 trillion won).
The growing preference for the yuan in Russia is attributable to the spread of anxiety over the value of the ruble.
When depositing foreign currency in renminbi, bank interest is less than that of deposits in ruble, but Russians who can afford it are choosing deposits in renminbi, he explained.
“People don’t care regarding interest rates when the ruble is getting weaker,” said Olga Gogaladze, a Russian finance blogger.
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