China buys Russian oil and gas for yuan

In March of this year, many Chinese importers bought coal and oil from Russia, and made the necessary transactions in yuan.

Buyers decided to change currencies to pay for energy resources due to the sanctions policy imposed on the Russian Federation, as well as the disconnection of a number of banks in the country from the SWIFT system, which creates problems for the Chinese side in making money transfers, Bloomberg reports.

The first shipments of coal and oil will be delivered to China in April.

Bloomberg reports that in 2021, the Russian Federation was the second largest supplier of coal to the Chinese market. However, it was emphasized that the yuan is unlikely to replace the dollar in the near term, since in 2019 the US currency was used by 88% of foreign transactions, and the Chinese – by 4.3%.

Earlier, Reuters reported that the ambassadors of the European Union member states, intend to agree on a ban on coal imports from Russia on April 7, starting from mid-August.

 

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