Impending expiry of U.S. sanctions licence threatens Russia's yuan liquidity [Yahoo! Finance Canada]
RAIFFEISEN BK IN UNSP/ADR (RAIFY)
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Source: Yahoo! Finance Canada
By Elena Fabrichnaya MOSCOW (Reuters) - The impending expiry of a U.S. licence permitting transactions involving the pillars of Russia's financial infrastructure could make it harder and costlier for Russian businesses to deal in Chinese yuan, sources engaged in imports and payments told Reuters. The yuan, which hit a near-one-year high against the rouble on Wednesday, has become the most traded foreign currency in Moscow since Russia's decision to send troops into Ukraine in February 2022 sparked sweeping Western sanctions and a ramping-up of Russia's de-dollarisation policy. With Chinese banks wary of the secondary sanctions risks of dealing with Russian entities blacklisted by Washington, and the Bank of Russia reluctant to continue pumping in yuan liquidity through FX swaps, some importers fear that payment issues between Russia and China could worsen. "The situation may change after Oct. 12," a person engaged in importing told Reuters. "An abrupt shortage of yuan or a co
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