According to data from the Central Bank of Russia cited by Bloomberg, only 22% of Russian exports were paid for in yuan in 2026—half the peak seen in mid-2024. The publication concludes that Moscow has effectively abandoned attempts to replace the dollar with the Chinese currency in foreign trade. At the same time, total trade turnover with China continues to grow, yet the currency structure of settlements has returned to pre-war proportions: the yuan's share in global payments has dropped to the level preceding the full-scale invasion of Ukraine.
How the Yuan Became the Main Foreign Currency
Following the start of the invasion and the imposition of Western sanctions, the yuan's share in Russian foreign trade rapidly grew to nearly half. The Chinese currency became the most traded on the Russian currency market and surpassed the dollar in terms of bank deposits. By mid-2024, the value of Russian exports paid for in yuan exceeded the value of all shipments to China: buyers from other countries, not just Chinese counterparts, were paying for Russian goods in the Chinese currency.
The Blow of Secondary Sanctions
The turning point came in June 2024, when the US expanded the grounds for applying secondary sanctions against banks and companies doing business with Russia. Chinese banks, fearing they would fall under Washington's restrictions, began freezing payments, delaying them for months, or returning them to senders. As a result, a shortage of yuan emerged in Russia, and the Central Bank was forced to urge banks to restrict lending in the Chinese currency.
Intermediaries and Rising Costs
Some settlement channels still function, yet none of them guarantees the successful processing of transactions. Transfers are increasingly conducted not directly through banks, but via intermediaries and third countries, which significantly increases the cost of settlements. According to logistics company STT Logistics, total expenditures on cross-border payments with China, taking into account commissions and intermediary services, reach 15–20% of the transaction amount.
Transition to Rubles in the Asian Direction
Against the backdrop of restrictions on the yuan, the transition to the national currency has accelerated: according to the Bank of Russia, in trade with Asian countries, Russian companies now receive 69% of export revenue in rubles. Problems have also affected settlements with third countries that previously actively used yuan to pay for Russian exports. Thus, the attempt at de-dollarization via the yuan has run into sanction risks, and Moscow has been forced to restructure the currency architecture of foreign trade toward the ruble and roundabout schemes.
