• Advertise
  • Contact us
Saturday, January 28, 2023
Inside Reports
Advertisement
ADVERTISEMENT
  • Home
  • News
  • Politics
  • Entertainment
  • Sports
  • Business
  • Health
  • Data Report
  • Investigation & Features
  • BBN Update
No Result
View All Result
  • Home
  • News
  • Politics
  • Entertainment
  • Sports
  • Business
  • Health
  • Data Report
  • Investigation & Features
  • BBN Update
No Result
View All Result
Inside Reports
No Result
View All Result
Home News Business

Russia Jumps to Become Third-Largest Market for Yuan Payments Amid Sanctions

August 19, 2022
in Business
0
Russia Jumps to Become Third-Largest Market for Yuan Payments Amid Sanctions

Russia Jumps to Become Third-Largest Market for Yuan Payments Amid Sanctions

Share on FacebookShare on TwitterShare on LinkedInShare on Raddit

Russia has charged up to third place in a list of countries outside mainland China using the yuan for global payments, highlighting how it is being affected by Western sanctions.

Russia had not even been on the monthly list published by global financial messaging firm SWIFT before its invasion of Ukraine in February, but latest figures released on Thursday showed that only Hong Kong and financial powerhouse Britain are now ahead of it.

Russian firms and banks were involved in almost 4% of international yuan payments by value in July, according to SWIFT. That was up from 1.42% the previous month and from zero in February when the Kremlin’s action in Ukraine, which Moscow calls a “special military operation”, triggered sanctions.

US imposes sanctions on cryptocurrency mixer that allegedly laundered over $7 billion

Hong Kong unsurprisingly remains the top source of yuan transactions outside mainland China with 73.8% of the total, followed by Britain which accounted for 6.4%.

Russia’s sudden leap up the list will support the argument that sanctions are working and squeezing it out of the U.S. dollar-based global banking system. But it will also back those who say it will bring Moscow and Beijing closer.

Alongside the impact on the financial sector, hundreds of big-name Western firms have withdrawn or heavily cut their operations in Russia in reaction to the war.

Nigeria Now Among Top 10 Debtors In The World

Russia meanwhile has developed its own SWIFT-style financial messaging system, set up special accounts at some still-unsanctioned banks, and continues to trade key exports like oil with countries from China and India to Turkey.

The latest SWIFT data also confirmed the rouble is no longer among the top 20 global currencies used in the international payments markets.

Back in December, it was in 16th place with a 0.3% share in terms of the value of transactions, but it hasn’t been on the list since then.

The top four places on that list are held by the U.S. dollar, euro, British pound, and Japanese yen followed by the yuan in the fifth spot.

 Reuters

FREE SUBSCRIPTION

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!

Tags: RussiaYuan
ShareTweetShareShare
Previous Post

The Transmission Company of Nigeria Shouldn’t Be Privatised

Next Post

Daniil Medvedev rounding into form, into semifinals at Cincinnati Masters

Editor

Editor

RelatedNews

Chery Wins the Sixth Straight Championship of "Quality Olympics"
Business

Chery Wins the Sixth Straight Championship of “Quality Olympics”

January 27, 2023
retirement finance
Business

How to plan your finance ahead retirement

January 25, 2023
FG targets N11.54 trillion revenue from the concession of 9 road corridors
Business

FG targets N11.54 trillion revenue from the concession of 9 road corridors

January 21, 2023
MTN Nigeria is set to allot incentive shares to qualified shareholders
Business

MTN Nigeria is set to allot incentive shares to qualified shareholders

January 21, 2023
Stock market closes week on negative note
Business

Stock market closes week on negative note

January 21, 2023
Nigerian manufacturers pay 74 different taxes – Economist
Business

Nigerian manufacturers pay 74 different taxes – Economist

January 21, 2023
Next Post
Daniil Medvedev rounding into form, into semifinals at Cincinnati Masters

Daniil Medvedev rounding into form, into semifinals at Cincinnati Masters

Darren Clarke, Jim Furyk, Vijay Singh atop DICK’S Sporting Goods Open on PGA Tour Champions

Darren Clarke, Jim Furyk, Vijay Singh atop DICK'S Sporting Goods Open on PGA Tour Champions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Video: Controversial Cross Dresser, James Brown's Sex Tape Leaks

Video: Controversial Cross Dresser, James Brown’s Sex Tape Leaks

October 10, 2022
VIEWER DISCRETION: More Videos of Fed Uni Lafia Lecturer Striping and Beating Student Over Sugar Daddy

VIEWER DISCRETION: More Videos of Fed Uni Lafia Lecturer Striping and Beating Student Over Sugar Daddy

October 22, 2022
Wife of celebrity designer Seyi Vodi attacks alleged side chic, strips her naked (Video)

Wife of celebrity designer Seyi Vodi attacks alleged side chic, strips her naked (Video)

October 1, 2022
Update: Why Police Released Six Davido's Workers, Detained Two Arrested Over Ifeanyi's Death

Update: Why Police Released Six, Detained Two Davido’s Workers Arrested Over Ifeanyi’s Death

November 2, 2022
Video: Controversial Cross Dresser, James Brown's Sex Tape Leaks

Video: Controversial Cross Dresser, James Brown’s Sex Tape Leaks

1
Video: Lady weeps bitterly over alleged demise of Davido’s son, Ifeanyi

Video: Lady weeps bitterly over alleged demise of Davido’s son, Ifeanyi

1
Wizkid announces joint tour with Davido

Wizkid announces joint tour with Davido

1

NGX committed to building structures towards SMEs funding

0
CBN warns against abuse of naira notes

New naira: Banks beef up security against customers’ attacks

January 28, 2023
Varsities can’t be forced to close for elections – INEC

Varsities can’t be forced to close for elections – INEC

January 28, 2023
GRAPHIC WARNING: Video released of Memphis officers' encounter with Tyre Nichols

GRAPHIC WARNING: Video released of Memphis officers' encounter with Tyre Nichols

January 28, 2023
‘Deadpool’ star Ryan Reynolds has talked more Wrexham lately

‘Deadpool’ star Ryan Reynolds has talked more Wrexham lately

January 28, 2023

Recent News

CBN warns against abuse of naira notes

New naira: Banks beef up security against customers’ attacks

January 28, 2023
Varsities can’t be forced to close for elections – INEC

Varsities can’t be forced to close for elections – INEC

January 28, 2023
GRAPHIC WARNING: Video released of Memphis officers' encounter with Tyre Nichols

GRAPHIC WARNING: Video released of Memphis officers' encounter with Tyre Nichols

January 28, 2023
‘Deadpool’ star Ryan Reynolds has talked more Wrexham lately

‘Deadpool’ star Ryan Reynolds has talked more Wrexham lately

January 28, 2023
Inside Reports

Inside Reports is a Nigerian media outlet aiming to advance democracy through disseminating credible news. In the era of fake news and infodemic, Inside Reports is the online media outlet to go to in search of credible, verifiable and factual news.

Follow Us

Browse by Category

  • AFRICAN NEWS
  • Basketball
  • BBN Update
  • Business
  • Campus gist
  • Celebrity gossip
  • Climate & Environment
  • Crime
  • Crypto
  • Data Report
  • Education
  • English premier league
  • Entertainment
  • Featured
  • Football
  • Foreign
  • Gadget
  • Golf
  • Health
  • Investigation & Features
  • Jobs
  • Laliga
  • Mobile
  • Movies
  • Music
  • News
  • Opinion
  • Politics
  • Sports
  • Sure betting odds
  • Technology
  • Tennis
  • TRENDING VIDEO
  • Uncategorized
  • Video

Recent News

CBN warns against abuse of naira notes

New naira: Banks beef up security against customers’ attacks

January 28, 2023
Varsities can’t be forced to close for elections – INEC

Varsities can’t be forced to close for elections – INEC

January 28, 2023
  • About us
  • Contact us
  • Privacy policy

© 2022 Inside Reports - All Rights Reserved .

No Result
View All Result
  • News
  • Politics
  • Business
  • Sports
    • Football
      • English premier league
      • Laliga
    • Basketball
    • Golf
    • Tennis
  • Politics
  • Education
  • Campus gist
  • Crime
  • Entertainment
    • BBN Update
    • Celebrity gossip
  • Music
  • Video
  • Health
  • Technology
    • Gadget
      • Mobile
  • Investigation & Features
  • Climate & Environment
  • Data Report
  • Jobs
  • Sure betting odds

© 2022 Inside Reports - All Rights Reserved .

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist