Following sanctions imposed on Russia by the U.S. and other Western nations over its invasion of Ukraine, Moscow has moved away from the U.S. dollar and euro in international trade, opting instead for the Chinese yuan. However, in June, the U.S. expanded its sanctions on Russia’s military-industrial sector, increasing the risk of secondary sanctions on Chinese companies doing business with Moscow. As a result, many Chinese banks are now hesitant to transfer yuan to Russian banks for foreign trade payments, causing a severe shortage of yuan in Russia’s major banks. This has created significant challenges for Chinese exporters in receiving payments from Russia, pushing Sino-Russian trade into difficulties over the past few months.
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