June 22, 2023

Yuan Reined In


Yuan Reined In
1 yuan banknote with portrait of Chairman Mao. Rob Jervis, Unsplash.

Clients of the Russian banks Modulbank, Akibank, Unicredit, and Finam face restrictions on yuan transfers to the US, UK, Switzerland, and EU countries from the Bank of China.

Dmitry Lesnov, a Finam representative, told RBC that, since June 13, the bank has limited all fund transfers through correspondent accounts of the Bank of China not just in yuan, but in US dollars, euros, and Hong Kong dollars. Lesnov said that the restrictions aim to mitigate the risk of secondary sanctions on Chinese banks, potentially leading to the closure of their correspondent accounts with US and European banks.

Experts said that yuan transfers to the EU and the US constitute a small portion of total yuan transfers. Yet these transactions could be used by private investors or businesses as an alternative to evade Western sanctions and the disconnection of Russian banks from the SWIFT system.

“The decision was made not by China, but by EU and US parties. Thus, they are trying to exercise pressure through sanctions by blocking alternative channels in the form of yuan,” said Pavel Semenov, Chairman of the Board of Modulbank.
 

You Might Also Like

Chinese Arbitration?
  • November 29, 2022

Chinese Arbitration?

China's UN representative has suggested that Beijing could perhaps mediate a peace deal between Kiev and Moscow.
Huawei Slinks Out
  • April 15, 2022

Huawei Slinks Out

Russia's international economic isolation continues as Chinese telecoms giant Huawei moves to leave the country.
Like this post? Get a weekly email digest + member-only deals

Some of Our Books

Tolstoy Bilingual

Tolstoy Bilingual

This compact, yet surprisingly broad look at the life and work of Tolstoy spans from one of his earliest stories to one of his last, looking at works that made him famous and others that made him notorious. 
Survival Russian

Survival Russian

Survival Russian is an intensely practical guide to conversational, colloquial and culture-rich Russian. It uses humor, current events and thematically-driven essays to deepen readers’ understanding of Russian language and culture. This enlarged Second Edition of Survival Russian includes over 90 essays and illuminates over 2000 invaluable Russian phrases and words.
The Little Golden Calf

The Little Golden Calf

Our edition of The Little Golden Calf, one of the greatest Russian satires ever, is the first new translation of this classic novel in nearly fifty years. It is also the first unabridged, uncensored English translation ever, and is 100% true to the original 1931 serial publication in the Russian journal 30 Dnei. Anne O. Fisher’s translation is copiously annotated, and includes an introduction by Alexandra Ilf, the daughter of one of the book’s two co-authors.
White Magic

White Magic

The thirteen tales in this volume – all written by Russian émigrés, writers who fled their native country in the early twentieth century – contain a fair dose of magic and mysticism, of terror and the supernatural. There are Petersburg revenants, grief-stricken avengers, Lithuanian vampires, flying skeletons, murders and duels, and even a ghostly Edgar Allen Poe.
At the Circus (bilingual)

At the Circus (bilingual)

This wonderful novella by Alexander Kuprin tells the story of the wrestler Arbuzov and his battle against a renowned American wrestler. Rich in detail and characterization, At the Circus brims with excitement and life. You can smell the sawdust in the big top, see the vivid and colorful characters, sense the tension build as Arbuzov readies to face off against the American.
Dostoyevsky Bilingual

Dostoyevsky Bilingual

Bilingual series of short, lesser known, but highly significant works that show the traditional view of Dostoyevsky as a dour, intense, philosophical writer to be unnecessarily one-sided. 
Murder and the Muse

Murder and the Muse

KGB Chief Andropov has tapped Matyushkin to solve a brazen jewel heist from Picasso’s wife at the posh Metropole Hotel. But when the case bleeds over into murder, machinations, and international intrigue, not everyone is eager to see where the clues might lead.
The Pet Hawk of the House of Abbas

The Pet Hawk of the House of Abbas

This exciting new trilogy by a Russian author – who has been compared to Orhan Pamuk and Umberto Eco – vividly recreates a lost world, yet its passions and characters are entirely relevant to the present day. Full of mystery, memorable characters, and non-stop adventure, The Pet Hawk of the House of Abbas is a must read for lovers of historical fiction and international thrillers.  
Bears in the Caviar

Bears in the Caviar

Bears in the Caviar is a hilarious and insightful memoir by a diplomat who was “present at the creation” of US-Soviet relations. Charles Thayer headed off to Russia in 1933, calculating that if he could just learn Russian and be on the spot when the US and USSR established relations, he could make himself indispensable and start a career in the foreign service. Remarkably, he pulled it of.

About Us

Russian Life is a publication of a 30-year-young, award-winning publishing house that creates a bimonthly magazine, books, maps, and other products for Russophiles the world over.

Latest Posts

Our Contacts

Russian Life
73 Main Street, Suite 402
Montpelier VT 05602

802-223-4955