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Russian banks say they've run out of yuan as Chinese firms pull away from the nation (markets.businessinsider.com)

submitted 2 months ago by [email protected] to c/[email protected]

90 comments fedilink hide all child comments

Russia's yuan reserves are nearly depleted due to Chinese banks' fear 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.

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[–] [email protected] 8 points 2 months ago* (last edited 2 months ago) (1 children)

Uh, Russia will be too broke to continue funding their war offensive in Ukraine, and then if they try to continue it anyway they'll be too broke to continue functioning as a nation. That's kind of the point of sanctions. Did you read the article?

Payment scuffles between Russian companies and Chinese banks have escalated in recent weeks, with nearly all Chinese banks stopping transactions with Russia. Some banks have even returned payments for goods that had already been sent to Russia, out of fear of being targeted by sanctions, a Russian media outlet reported.

Drop the war, investors return, everyone is happy. If they want to continue the war they better start checking their couch cushions for rubles. That's what the sanctions are for, that's what they do. It's a lever to pull to convince Putin to back off his warmongering without resorting to direct violence against Moscow and, undoubtedly, innocents caught up in it.