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I wonder how they would pay for it. The world market operates in US dollars so presumably they'd have to set up some kind of bilateral arrangement and I doubt

I wonder how they would pay for it. The world market operates in US dollars so presumably they'd have to set up some kind of bilateral arrangement and I doubt Russians would accept Yuan.

hosh 4y ago
Yes they would. Russia was one of countries working with China to create an alternate reserve currency. (https://coercioncode.com/2022/07/25/russia-and-china-announce-a-new-global-reserve-currency/ https://coercioncode.com/2022/07/25/russia-and-china-announc... ) Sanctions on Russia over Ukraine is accelerating this. This isn’t the first attempt. Yuan is already increasingly held by central banks (https://markets.businessinsider.com/news/currencies/dollar-vs-yuan-reserve-currency-central-banks-foreign-exchange-geopolitics-2022-7?op=1 https://markets.businessinsider.com/news/currencies/dollar-v...) but I was thinking of a composite currency that included the Yuan. I don’t remember the article talking about this Also keep in mind that Russia is not a part of OPEC, though they had historically worked with OPEC until the sanctions over invading Ukraine.