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

Fearful Majesty

Fearful Majesty

This acclaimed biography of one of Russia’s most important and tyrannical rulers is not only a rich, readable biography, it is also surprisingly timely, revealing how many of the issues Russia faces today have their roots in Ivan’s reign.
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.
Davai! The Russians and Their Vodka

Davai! The Russians and Their Vodka

In this comprehensive, quixotic and addictive book, Edwin Trommelen explores all facets of the Russian obsession with vodka. Peering chiefly through the lenses of history and literature, Trommelen offers up an appropriately complex, rich and bittersweet portrait, based on great respect for Russian culture.
Steppe / Степь (bilingual)

Steppe / Степь (bilingual)

This is the work that made Chekhov, launching his career as a writer and playwright of national and international renown. Retranslated and updated, this new bilingual edition is a super way to improve your Russian.
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.
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.
The Samovar Murders

The Samovar Murders

The murder of a poet is always more than a murder. When a famous writer is brutally stabbed on the campus of Moscow’s Lumumba University, the son of a recently deposed African president confesses, and the case assumes political implications that no one wants any part of.
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.
Driving Down Russia's Spine

Driving Down Russia's Spine

The story of the epic Spine of Russia trip, intertwining fascinating subject profiles with digressions into historical and cultural themes relevant to understanding modern Russia. 
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