According to the specialist, there is also the possibility that the Chinese currency will exceed the joint volumes of the dollar and the euro by the end of this year, the Izvestia newspaper reported on Wednesday.

The more Russian banks fall under European Union and US sanctions, the more transactions will be made in yuan instead of dollars and euros, Tuzov said.

In the expert’s opinion, the increased role of the yuan in the Russian economy has been inevitable after several large Russian banks had their corresponding dollar and euro accounts blocked in February 2022.

The growth of the yuan’s share in the Russian market is logical and is related to two factors that will accompany us in the near future, according to Andrei Stoliarov, professor of the Department of Infrastructure of Financial Markets of the Higher School of Economics.

Most likely, the yuan is the most logical alternative to the dollar in terms of movement within Russia. Stoliarov did not rule out the possibility of using alternative currencies of friendly countries in some regions of the country.

For residents of the European part of Russia, the yuan remains exotic, but for the predictable future, the yuan market will develop in the same way that it once did for the dollar and the euro, he added.

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