Payment scuffles between Russian companies and Chinese banks have escalated in recent weeks, with Chinese firms pulling back amid fear of sanctions.
  • 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.
  • @RestrictedAccountEnglish
    19•3 months ago

    Hotter take:

    China is on the brink of financial collapse and no longer can afford to support Russia’s bullshit.