Russia discussing yuan loans with China, according to finance minister.

February 26, 2024
1 min read


  • Russia’s finance ministry is in discussions with Chinese counterparts about the possibility of taking out loans in yuan.
  • There has been no decision made yet, according to Russian Finance Minister Anton Siluanov.

Russia’s finance minister, Anton Siluanov, recently revealed that talks have been ongoing with Chinese partners regarding the potential of securing loans in yuan. Despite the discussions, no definitive decision has been reached at this time. The dialogue between the two countries began towards the end of the previous year during an inter-ministerial exchange.

The exploration of yuan loans signifies a significant shift in financial strategy for Russia, as it indicates a potential diversification of funding sources. Historically, Russia has relied heavily on Western currencies for loans, but recent political tensions and economic sanctions have prompted a reevaluation of this reliance.

Both Russia and China have been expanding their economic cooperation in recent years, with agreements on trade, investment, and energy. The potential for yuan-denominated loans could further strengthen the financial ties between the two countries and reduce their dependence on traditional Western financing.

While the discussions are ongoing, the final decision on whether Russia will move forward with yuan loans remains to be seen. The outcome of these negotiations could have far-reaching implications for the global financial landscape and the geopolitical balance of power.

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