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

Turgenev Bilingual

Turgenev Bilingual

A sampling of Ivan Turgenev's masterful short stories, plays, novellas and novels. Bilingual, with English and accented Russian texts running side by side on adjoining pages.
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.
Marooned in Moscow

Marooned in Moscow

This gripping autobiography plays out against the backdrop of Russia's bloody Civil War, and was one of the first Western eyewitness accounts of life in post-revolutionary Russia. Marooned in Moscow provides a fascinating account of one woman's entry into war-torn Russia in early 1920, first-person impressions of many in the top Soviet leadership, and accounts of the author's increasingly dangerous work as a journalist and spy, to say nothing of her work on behalf of prisoners, her two arrests, and her eventual ten-month-long imprisonment, including in the infamous Lubyanka prison. It is a veritable encyclopedia of life in Russia in the early 1920s.
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. 
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.
93 Untranslatable Russian Words

93 Untranslatable Russian Words

Every language has concepts, ideas, words and idioms that are nearly impossible to translate into another language. This book looks at nearly 100 such Russian words and offers paths to their understanding and translation by way of examples from literature and everyday life. Difficult to translate words and concepts are introduced with dictionary definitions, then elucidated with citations from literature, speech and prose, helping the student of Russian comprehend the word/concept in context.
Fish: A History of One Migration

Fish: A History of One Migration

This mesmerizing novel from one of Russia’s most important modern authors traces the life journey of a selfless Russian everywoman. In the wake of the Soviet breakup, inexorable forces drag Vera across the breadth of the Russian empire. Facing a relentless onslaught of human and social trials, she swims against the current of life, countering adversity and pain with compassion and hope, in many ways personifying Mother Russia’s torment and resilience amid the Soviet disintegration.
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. 
Okudzhava Bilingual

Okudzhava Bilingual

Poems, songs and autobiographical sketches by Bulat Okudzhava, the king of the Russian bards. 
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 Little Humpbacked Horse (bilingual)

The Little Humpbacked Horse (bilingual)

A beloved Russian classic about a resourceful Russian peasant, Vanya, and his miracle-working horse, who together undergo various trials, exploits and adventures at the whim of a laughable tsar, told in rich, narrative poetry.

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