- Russia’s yuan reserves are nearly depleted due to Chinese banks’ fear of US sanctions.
- Lenders have urged Russia’s central bank to address the yuan deficit, causing the ruble to drop.
- China’s hesitance stems from US threats of secondary sanctions over Russia’s Ukraine war financing.
Well… India is still a partner so Putin still has that…
India is taking advantage of the situation.
It’s understandable that a developing country wants cheap energy, also genuinely sad the world’s largest democracy is funding a dictator’s barbaric land grab.