Russia’s strategy to rely more on China’s yuan is backfiring

Vladimir Putin and Xi Jinping (Credit: Contributor—Getty Images)

After the U.S. and its allies sanctioned Russia in 2022 for its invasion of Ukraine, Moscow turned away from the dollar and euro in international transactions and relied more on China’s yuan.

That coincided with more trade between the two countries as Russia was largely shut out of Western markets as well as the global financial system.