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

Jews in Service to the Tsar

Jews in Service to the Tsar

Benjamin Disraeli advised, “Read no history: nothing but biography, for that is life without theory.” With Jews in Service to the Tsar, Lev Berdnikov offers us 28 biographies spanning five centuries of Russian Jewish history, and each portrait opens a new window onto the history of Eastern Europe’s Jews, illuminating dark corners and challenging widely-held conceptions about the role of Jews in Russian history.
Maria's War: A Soldier's Autobiography

Maria's War: A Soldier's Autobiography

This astonishingly gripping autobiography by the founder of the Russian Women’s Death Battallion in World War I is an eye-opening documentary of life before, during and after the Bolshevik Revolution.
Stargorod: A Novel in Many Voices

Stargorod: A Novel in Many Voices

Stargorod is a mid-sized provincial city that exists only in Russian metaphorical space. It has its roots in Gogol, and Ilf and Petrov, and is a place far from Moscow, but close to Russian hearts. It is a place of mystery and normality, of provincial innocence and Black Earth wisdom. Strange, inexplicable things happen in Stargorod. So do good things. And bad things. A lot like life everywhere, one might say. Only with a heavy dose of vodka, longing and mystery.
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.
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.
Murder at the Dacha

Murder at the Dacha

Senior Lieutenant Pavel Matyushkin has a problem. Several, actually. Not the least of them is the fact that a powerful Soviet boss has been murdered, and Matyushkin's surly commander has given him an unreasonably short time frame to close the case.
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. 
Russian Rules

Russian Rules

From the shores of the White Sea to Moscow and the Northern Caucasus, Russian Rules is a high-speed thriller based on actual events, terrifying possibilities, and some really stupid decisions.
The Frogs Who Begged for a Tsar (bilingual)

The Frogs Who Begged for a Tsar (bilingual)

The fables of Ivan Krylov are rich fonts of Russian cultural wisdom and experience – reading and understanding them is vital to grasping the Russian worldview. This new edition of 62 of Krylov’s tales presents them side-by-side in English and Russian. The wonderfully lyrical translations by Lydia Razran Stone are accompanied by original, whimsical color illustrations by Katya Korobkina.
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. 

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