It could soon get a lot harder for Russia to deal in Chinese yuan

[Pelican Press 0]

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It could soon get a lot ******* for Russia to deal in ******** yuan

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A key US license allowing Russian yuan transactions is set to expire mid-October.

That could make ******** banks more hesitant to deal in Russia, worsening Moscow’s yuan shortage.

Russian banks have already nearly depleted their stash of yuan,

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reported last month.

It may about to be way ******* for Russia to get its hands on ******** yuan.

That’s because a key license from the US Treasury that permits transactions from some of Russia’s financial institutions is about to expire. The result could involve a worsening yuan shortage in the nation, with ******** banks possibly completely refusing to process payments from Russia, a person familiar with the matter told

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on Thursday.

The license, which is set to expire on October 12, allows some transactions between the Moscow Exchange and the National Clearing Center to gradually wind down, as opposed to being completely halted.

Dollar and euro trading on the Moscow Exchange have

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 with the latest round of Western sanctions. But once the Treasury license expires, all conversion transactions — including those involving ******** banks and their subsidiaries — will be stopped, and their positions on the Moscow exchange will be closed, another source told the outlet.

That spells trouble for Moscow, which has come to lean on China’s currency heavily under Western trade restrictions. The yuan made up

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on the Moscow Exchange in June, according to one Bank of Russia review.

But Russian banks have

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, thanks to ******** firms being more hesitant to do business with the nation. ******** banks have also held up billions of dollars worth of yuan payments intended for Russia,

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reported last month, which has also contributed to the yuan shortage.

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#lot #******* #Russia #deal #******** #yuan

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