Russian imports billed in Chinese yuan rose to 20 percent in 2022 from three percent a year ago, a banking study published on Wednesday showed, after its invasion of Ukraine triggered packages of sanctions that left the country unable to access the global financial system.<\/p>\n\n\n\n
According to a study by the European Bank for Reconstruction and Development, the sharp increase reflects a move away from conducting transactions in dollars and euros, in which payments fell during the same period to 67 percent from 80 percent.<\/p>\n\n\n\n
According to the research paper prepared by economists Maxim Chupilkin and Beata Javorchik, \u201cAfter the large-scale Russian invasion of Ukraine in February 2022 and the European Union, the United States, and a number of other advanced economies imposing economic sanctions, the Russian import bill has increasingly been paid in yuan.\u201d<\/p>\n\n\n\n
The paper’s authors said that yuan payments represented 63% of imports from China by the end of 2022, up from about the previous quarter.<\/p>\n\n\n\n
The use of the Chinese yuan in trade with Russia has also increased for third countries that have not imposed economic sanctions but have a currency swap line with the People’s Bank of China, such as Mongolia and Tajikistan.<\/p>\n","protected":false},"excerpt":{"rendered":"
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