Russia is about to face the moment of truth on an economic lifeline from China [Yahoo! Finance]
RAIFFEISEN BK IN UNSP/ADR (RAIFY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
That's because all conversion operations, including for Chinese banks' subsidiaries, will stop, and all open foreign exchange positions via the Moscow Exchange will be closed, the report added. "Accordingly, the situation with the supply of yuan liquidity will become even more difficult," the source told Reuters. On top of that, the Russian unit of Austria's Raiffeisen Bank began refusing to make payments to China earlier this month, the report said. Yuan liquidity in Russia was already under strain after the U.S. expanded its definition of Russia's military industry earlier this year, widening the potential scope of Chinese firms that could get hit with secondary sanctions for doing business with Moscow. As a result, Chinese banks have been reluctant to transfer yuan to Russian counterparts while servicing foreign trade payments, leaving transactions in limbo for months. With yuan liquidity drying up from China, Russian companies tapped the central bank for yuan via currency
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