Chinese 100 yuan notes and one U.S. dollar notes in Beijing on Jan. 6, 2017. (Fred Dufour/AFP via Getty Images) Russia is easing its dependence on the U.S. dollar and quickly growing reliant on the Chinese yuan, which could turn out to be either a boon for Moscow or a substantial risk, experts warn.
Over the last year, the Russian economy has been restricted from Western financial networks and has faced economic and political sanctions over its invasion of Ukraine in February 2022. Russia has also been prohibited from using the U.S. dollar, forcing the Kremlin to turn to the Chinese yuan as an alternative.
President Vladimir Putin has expanded his country’s relations with Beijing, particularly on the energy front. Russia’s Exports to Beijing
“According to the results of this year, Russia has become one of the leaders in oil exports to China,” Putin said at the beginning of a video […]
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