Easing sports sanctions against Russia unacceptable and immoral - Sybiha
Ukrainian Foreign Minister Andriy Sybiha drew attention at the G7 foreign ministers' meeting to Russia's use of international sporting competitions to whitewash its war crimes, the Ukrainian Foreign Ministry's press service reported.
Russia's attempt to replace the dollar with the yuan in international trade has failed, according to Bloomberg. The country's shift towards the Chinese currency began during its full-scale war with Ukraine and in response to Western sanctions. By 2024, the yuan accounted for nearly half of Russia's foreign trade settlements, surpassing the dollar in bank deposits.
However, the U.S.'s tightening of secondary sanctions against Russian banks in June 2024 disrupted the plan. Chinese financial institutions subsequently cut off cooperation with Russia, freezing payments and returning funds to senders. As a result, the yuan's share of settlements for Russian exports has dropped by half from its 2024 peak, now standing at 22%.
Russia now earns 69% of its export revenue from trade with Asian countries in rubles, whereas the Chinese currency's share of global payments has returned to its prewar level. Some payment channels still function, but they are not reliable for guaranteed transactions. Many transactions now require intermediaries instead of direct bank-to-bank transfers.
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