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Russia Coal and Oil Paid for in Yuan Starts Heading to China

  • Coal cargoes to arrive this month, followed by crude in May
  • China has long bristled at dollar’s dominance in global trade
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Russian coal and oil paid for in yuan is about to start flowing into China as the two countries try to maintain their energy trade in the face of growing international outrage over the invasion of Ukraine.

Several Chinese firms used local currency to buy Russian coal in March, and the first cargoes will arrive this month, Chinese consultancy Fenwei Energy Information Service Co. said. These will be the first commodity shipments paid for in yuan since the U.S. and Europe penalized Russia and cut several of its banks off from the international financial system, according to traders.