Russia fails plan to replace dollar with yuan in trade.
Russia's efforts to switch to the yuan in international payments increased, and the loud talk of replacing the dollar with Chinese currency, which had been going on in the early years of Russia's international isolation due to the war that had begun, died down. The reason for this was secondary financial sanctions of the US, for which Chinese banks refused to process payments for Russian companies, writes Bloomberg.
Despite the rapid growth of the trade cycle with China, the share of the yuan in payments for Russian exports to "friendly" countries has fallen to 20.8%, according to data from the Bank of Russia as of June 2026. Within two years, it fell by more than half: at its peak, in May 2024, before the expansion of secondary US sanctions, the share was 45.2%.
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