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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 MicroWave@lemmy.world to c/world@lemmy.world

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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[–] Barbarian@sh.itjust.works 7 points 2 months ago* (last edited 2 months ago) (1 children)

Military stuff is out of the picture since they established their trade with CCP and NK for rockets

Not all rockets are made equally. The NK rockets, artillery barrels and artillery shells are much worse than they could manufacture with western components. A degradation in quality leading to less accuracy which lessens the battlefield impact is still a positive step.

It also means that China can take advantage of Russia to get much more than it could usually get for their gear. China is not helping Russia out of the goodness of it's heart or some ideological reason. They're taking advantage.

I wonder if sanctions targeting non-consumer products critical to producing them can lead to long pauses

Interesting question. I have no idea. I'm pretty confident all sanctions so far are for gas, oil, and military/dual-use technology.

[–] andrew_bidlaw@sh.itjust.works 4 points 2 months ago

It also means that China can take advantage of Russia to get much more than it could usually get for their gear. China is not helping Russia out of the goodness of it's heart or some ideological reason. They're taking advantage.

Yep, China, and Iran and India and whoever else. Current admin sets the conditions of trade that would scar the economy long after all these senile gambling gramps die. Reparations don't sound that awful when you consider how much shit they probably promised to or leased from these 'brotherly' countries. Even if I happened to be a Z-patriot, I can't see myself swallowing that.

Not all rockets are made equally.

You are right. And the fact that they scratch the bottom of the barrel like asking NK means they are desperate. Still, not enough supplies to Ukraine to counter that and I want them to have these, as a russian citizen.