Morning newsletter.
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The exchange of the dollar for the yuan, which the Kremlin bet on after 2022, has stopped: the share of the yuan in payment for Russian exports has halved this year compared to its peak in mid-2024. The problem is secondary US sanctions, because of which the big Chinese banks stopped working with Russian clients. But you still have to pay for imports from China: the costs of this now reach 15–20% of the transaction amount.