{
  "id": 19470278,
  "title": "Russia’s plan to replace the dollar with the yuan failed because of U.S. secondary sanctions",
  "url": "https://urgent.news/2026/11/11/russias-plan-to-replace-the-dollar-with-the-yuan-failed-because-of-u",
  "topic": "world",
  "section": "World",
  "published": "2026-11-11T08:22:37.000Z",
  "source": {
    "name": "Meduza (English)",
    "slug": "meduza-english",
    "url": "https://meduza.io/en/news/2026/11/11/russia-s-plan-to-replace-the-dollar-with-the-yuan-failed-because-of-u-s-secondary-sanctions"
  },
  "original_language": "en",
  "account": "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. Despite these challenges, Meduza remains committed to transparent journalism, with this piece being written by a human journalist and AI-assisted translation ensuring accuracy.",
  "summary": "Russia has effectively given up its effort to replace the dollar with the yuan in foreign trade because of U.S. secondary sanctions, Bloomberg reported.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Interfax-Ukraine",
        "title": "Sybiha: G7 unity crucial to force Russia to end war",
        "url": "https://urgent.news/2026/11/11/sybiha-g7-unity-crucial-to-force-russia-to-end-war",
        "published": "2026-11-11T07:20:31.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}