The following report is by RT:
While the bulk of export and import settlements remain in dollars and euros, these payments are hampered by sanctions, as many Russian banks have been disconnected from the Western financial messaging system, SWIFT, and are now unable to carry out certain transactions.
The use of China’s yuan by Russian businesses has increased dramatically in the past nine months as Moscow seeks to reduce its reliance on Western currencies. But to arrange payments in alternative currencies, a new infrastructure for foreign exchange operations has to be established, the regulator said.
The share of the yuan in the volume of Russian currency trading surged from 3% in March to 33% in November, according to the Central Bank. The regulator explained that market players “not only purchased yuan for rubles, but also transferred part of the funds from dollars and euros” into Chinese currency.
The two countries have reportedly accelerated efforts to move away from the US dollar and the euro, towards settlements using domestic currencies.
The monthly volume of trading in the currencies of other so-called “friendly” nations rose more than sixfold from 6.5 billion rubles ($100 million) in March to 39.4 billion rubles ($640 million) in September.
AUTHOR COMMENTARY
For wisdom is a defence, and money is a defence: but the excellency of knowledge is, that wisdom giveth life to them that have it.
Ecclesiastes 7:12
Russia has already been on the record saying that they are working towards a ‘De-Dollarization’ of their economy. So, Western propaganda will spin this and say, ‘See, look: our sanctions are working.’ But Russia was already dropping their holdings of the Dollar prior to 2020, and these so-called sanctions are really just helping complete their goals.
The American dollar is practically a dead and very bad investment to have all your wealth into, and Russia does not want to be left holding the bag.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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