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According to public statistics, over the past two years, Western countries have imposed 15,628 different sanctions against Russia. That's twice as many sanctions Iran has received in its modern history.
Among them, the United States has imposed the most restrictive measures, reaching 3,500. In contrast, Singapore imposed a relatively small number of five sanctions.
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Russia's Ministry of Finance is discussing with its Chinese counterparts the feasibility of borrowing yuan. This topic was also mentioned during the dialogue between the Ministries of Finance of the two countries at the end of 2023, but a final decision has not yet been made.
According to Siluanov (Minister of Finance of Russia): "According to the provisions of the current budget law, we can borrow in the domestic market and have the right to introduce yuan borrowing. We have been negotiating with our Chinese partners for quite some time, but have not yet made a decision on this matter. "This shows that the two sides are actively pursuing this option, but have not yet reached an agreement on the specific arrangements for borrowing RMB.
In addition, according to VTB, by the end of 2023, the yuan already accounted for 25% of the foreign currency savings of Russians. This indicates that the yuan occupies a fairly important place in Russia's foreign currency reserves.
According to VTB, in 2023, the number of RMB deposits opened by individuals at the bank exceeded 3210,000 transactions, with a total portfolio of 12.6 billion yuan, almost double that of a year ago. This makes the renminbi account for 25% of customers' foreign currency savings, surpassing the euro as the second most popular foreign currency, while the US dollar remains in first place.
According to Russian experts, yuan deposits are expected to continue to grow in 2024. The Russians will gradually convert some of their foreign currency savings into ** yuan. With the central bank of Russia's key interest rate cut, interest in RMB deposits is likely to increase further. This shows that Russia's demand for and trust in the yuan is growing, and it also reflects the increased recognition of the yuan as a stable and reliable currency.