Summary: Russia’s pivot to China is facing setbacks due to Chinese banks rejecting RMB transactions to avoid U.S. sanctions over Russia’s invasion of Ukraine. While bilateral trade surged after the war, with Russia becoming China’s top oil supplier, 98% of Chinese banks now refuse RMB settlements, causing a liquidity crunch and forcing Russian banks to raise transfer fees significantly. Several Russian banks, including Expobank, Uralsib, and SDM Bank, have hiked their commissions on RMB transfers. Discussions about creating a joint Russian-Chinese bank have emerged, but the plan is in early stages. Russia’s reliance on the yuan has increased its economic vulnerability to China.
You cannot embed your country’s economy in the North American economy, and not expect people who support Ukraine tell let you know with their wallets. If it says made in China (or ROC) put it back on the shelf. Yes it is that easy.
The joint-banking: China maneuvering to tighten it’s control of Russia
China is slowly taking over Russia without firing a shot.
China and Russia are both in serious economic trouble. Neither is good to have as a trade partner any more!
Yeah… China is… not really interested in Russia’s well being. Like, at all.
All Russia had to do in the 90s was play nice and everybody would get rich. Truly a bizarre decision for the history books.
Extreme international sanctions across every facet of China’s economy need to be employed to stem the benefit China receives from supporting Russia’s genocidal war.
10 comments
Summary: Russia’s pivot to China is facing setbacks due to Chinese banks rejecting RMB transactions to avoid U.S. sanctions over Russia’s invasion of Ukraine. While bilateral trade surged after the war, with Russia becoming China’s top oil supplier, 98% of Chinese banks now refuse RMB settlements, causing a liquidity crunch and forcing Russian banks to raise transfer fees significantly. Several Russian banks, including Expobank, Uralsib, and SDM Bank, have hiked their commissions on RMB transfers. Discussions about creating a joint Russian-Chinese bank have emerged, but the plan is in early stages. Russia’s reliance on the yuan has increased its economic vulnerability to China.
You cannot embed your country’s economy in the North American economy, and not expect people who support Ukraine tell let you know with their wallets. If it says made in China (or ROC) put it back on the shelf. Yes it is that easy.
The joint-banking: China maneuvering to tighten it’s control of Russia
China is slowly taking over Russia without firing a shot.
All part of a plan. The ccp played this very well. China doesn’t forget https://en.m.wikipedia.org/wiki/Amur_Annexation
China and Russia are both in serious economic trouble. Neither is good to have as a trade partner any more!
Yeah… China is… not really interested in Russia’s well being. Like, at all.
All Russia had to do in the 90s was play nice and everybody would get rich. Truly a bizarre decision for the history books.
Extreme international sanctions across every facet of China’s economy need to be employed to stem the benefit China receives from supporting Russia’s genocidal war.
Most of what Putin is doing is backfiring.
😂🇺🇦