Russian banks say they’ve run out of yuan as Chinese firms pull away from the nation

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Russian banks say they’ve run out of yuan as ******** firms pull away from the nation

Payment scuffles between Russian companies and ******** banks have escalated in recent weeks, with nearly all ******** banks stopping transactions with Russia.Mikhail Svetlov/Getty Images

Russia’s yuan reserves are nearly depleted due to ******** banks’ ***** 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.

Russia’s banks have practically emptied their stash of yuan, largely because ******** financial firms are spooked from doing business with the nation.

Lenders have urged Russia’s central bank to address a yuan liquidity shortage in the nation, with insiders saying that access to the ******** currency was running dry,

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Russia’s ruble dropped nearly 5% against the yuan earlier this week, Reuters noted. The drop came shortly after Russia’s finance ministry suggested the Central Bank of Russia would shrink its daily yuan sales, with central bankers selling just $200 million a day, down from the $7.3 billion sold daily in the last month.

Sberbank, a large state-owned lender in Russia, told Reuters it could no longer lend in yuan because it had “nothing to cover” the trade.

VTB, the second-largest lender in Russia, said it urged the central bank to counter the yuan liquidity shortage through currency drops, and added that exporters to the nation should sell yuan to Russia as well.

******** banks are more hesitant to trade currency in Russia after the US threatened to impose secondary sanctions on countries doing business with Russia while it continues its war against Ukraine.

Payment scuffles between Russian companies and ******** banks have escalated in recent weeks, with nearly all ******** banks

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Some banks have even

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that had already been sent to Russia, out of ***** of being targeted by sanctions, a Russian media outlet reported.

Russian businesses, meanwhile, have been

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in recent months, mainly due to payment issues at foreign banks, according to data from Russia’s central bank.

The payment difficulties are a problem for Russia’s economy, which has grown more isolated from global markets and consequently more reliant on China’s yuan after being targeted by Western sanctions in 2022.

Russia’s central bank said the

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, accounting for more than half of all currency trades in the nation.

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#Russian #banks #theyve #run #yuan #******** #firms #pull #nation

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