The state of the Russian economy has always been a mystery. After the outbreak of the Russia-Ukraine war in 2022, the United States imposed severe economic sanctions on Russia, including the withdrawal of multinational companies, restrictions on oil**, and a ban on the use of international fund clearing systems. At the time, there were predictions that the Russian economy would not survive for several months. It's February 2024, two years into the Russia-Ukraine conflict, and nearly two years since the U.S. sanctions against Russia, but Russia is still quite dynamic.
Russia has shown remarkable autonomy in responding to sanctions. The market voids left by the withdrawal of multinationals were quickly filled by local companies. As a large country in terms of resources, Russia has abundant oil, gas and mineral resources, which provides the country with the basis for maintaining basic means of production. Due to the increased demand for military equipment from the war in Ukraine, Russian military-industrial enterprises have received a large number of orders, stimulating job growth. The high wages paid by the Ministry of Defense have attracted many adult males to join the military, further stimulating consumption. These factors combine to give the Russian economy a relatively stable footing.
No matter how powerful Russia is internally, it cannot avoid dependence on foreign countries. Russia's industrial structure is relatively deformed, many products cannot be produced domestically and must rely on imports. And the US sanctions are a direct blow to the Russian currency and settlement system. How did Russia solve this problem? This involves Sino-Russian cooperation. According to the head of the Central Bank of Russia, the share of the yuan in Russia's export settlements has increased by 85 times over the past two years, accounting for 345%, accounting for 36 in import settlements4%。The renminbi and the self-built settlement system constitute Russia's current foreign ** system. Putin also said that Sino-Russian cooperation will be further strengthened, and the share of RMB in Russia's foreign affairs will also rise.
This means that the state of the Russian economy reflects to a certain extent the positive effects of Sino-Russian cooperation. More profoundly, it also highlights the strength behind the renminbi and China. More and more countries that want to get rid of the dollar system are moving closer to us. From Venezuela in South America to South Africa in Africa to Hungary in Europe, they are all looking for cooperation with China. As the rotating chair of the BRICS, Russia is promoting the currency clearing system, local currency settlement and mutual recognition of ratings, challenging the monopoly of the US dollar financial system. This effort shows Russia's determination to step up and seek diversified options at a critical time.
Getting rid of the dollar system will not be easy, and it will need to be dismantled gradually, not in one step. In this process, we cannot be held back by some countries with ulterior motives to become so-called "pioneers". Like China, the rise of Russia is not intended to replace any country, and the renminbi is not intended to replace any currency, but only provides the world with a second option at a special moment. It also makes Russia's economic miracle more of a global opportunity.
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