Russian central bank governor Elvira Nabiullina says the yuan’s share in Russia’s exports has increased from 0.4 to 34.5 per cent, replacing the US dollar and euro as its ‘primary’ currency for foreign economic activity.
Their US dollars are just frozen in overseas bank accounts. It’s not that they don’t have them, they just don’t have access to them, mostly over sanctions imposed after the Ukraine invasion.
Their US dollars are just frozen in overseas bank accounts. It’s not that they don’t have them, they just don’t have access to them, mostly over sanctions imposed after the Ukraine invasion.