China Claims Russia Increasingly Interested in Trade in Yuan

China Claims Russia Increasingly Interested in Trade in Yuan

Russian companies have increasingly turned to China and India to sell products originally intended for U.S.-allied markets in recent months due to Western sanctions against Moscow, China’s state-run Global Times reported on Tuesday, noting that these alternative transactions are often settled in local currencies.

Many Russian products, including oil and fertilizer, originally produced for Japanese and South Korean markets “are now being exported to China and India after US-led broad economic sanctions against Russia,” a manager for the Russian Asian Union of Industrialists and Entrepreneurs surnamed Wang told the Global Times on June 21.

“Most of our member companies are using the yuan [Chinese currency] for cross-border trade settlements instead of US dollars or other currencies, because yuan settlement is much faster and more practical,”

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