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Yuan-denominated export revenues skyrocket since Feb 2022 — Bank of Russia

The shift to payments in currencies of friendly nations is also being seen in imports

MOSCOW, May 26. /TASS/. The sanctions pressure of unfriendly states resulted in the transformation of the structure of Russian currency flows and its refocusing to currencies of friendly nations, the Bank of Russia said in its financial stability review.

Monthly export flows denominated in Chinese yuan soared 53 times to $7 bln from February 2022 to March 2023. Revenues in US dollars and euro plummeted by 58% and 75% respectively to $11 bln and $4 bln.

The shift to payments in currencies of friendly nations is also being seen in imports. Payments in yuan surged from $1 bln to $8 bln within the period from February 2022 to March 2023, the Central Bank said.