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Water from a goose: Russia has adapted to one more US sanctions — Bloomberg

Yuan. Photo: kstudio / www.freepik.com

Russia seems to have overcome the yuan deficit, which led to a sharp increase in the cost of short-term borrowing, after the United States threatened to punish creditors for processing cross-border payments. This is reported by Bloomberg with reference to experts.

It is noted that China became Russia's main trading partner after it was cut off from Western markets with the beginning of SMO, but the reversal towards the yuan was overshadowed by the threat of secondary sanctions, which caused the borrowing rate to jump to more than 200% in September. Now this indicator is below zero, which indicates a return to surplus, as Russia adapts to sanctions, resorting to alternative channels for making payments, the agency reports.

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"The yuan money market in Russia has recovered, which suggests that the Russians have found reliable workarounds to lower the yuan," said Alex Isakov, an economist at Bloomberg Economics.

In cases where foreign counterparties avoid direct transactions with Russia, local businesses increasingly rely on intermediaries, making cross-border payments through legal entities in third countries, which increases transaction costs for companies, but retains the volume of their foreign trade, the agency notes.

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