While the Russian authorities boast that they were able to replace the “toxic” #dollar and #euro by transferring a significant part of transactions to the #yuan, the Central Bank is sounding the alarm. For normal operation, companies must be able to attract financing in yuan, but Russian banks are in short supply. #China does not provide them, so you can only rely on the Central Bank and the savings of Russian companies and citizens.
#G7 finance ministers will lay the groundwork for using the profits from frozen #Russia assets to help #Ukraine, according to a draft of the communique that they’re set to sign off on Saturday.
The move comes after the #US pushed for the G-7 to leverage future revenue generated from about $280 billion in Russian central bank funds, most of which lies immobilized in Europe. The plan could unlock an aid package of as much as $50 billion for Ukraine.