Skip to content
Politics

Russia Export Windfall Finds Sanctions Haven in Yuan, Quasi-Bank

  • With central bank reserves frozen, NCC holds foreign exchange
  • Huge inflow from exports has helped sustain economy in war
Russia’s continuing inflow of cash from energy has frustrated officials in the US and Europe.

Russia’s continuing inflow of cash from energy has frustrated officials in the US and Europe.

Source: Bloomberg

By
Bloomberg News

A little-known unit of Russia’s main stock exchange has become a vital link to the global financial system as tens of billions of dollars and euros flood in from sales of oil and other commodities.

The National Clearing Centre has seen its foreign-exchange holdings surge this year, according to people familiar with its operations. A key link in the gas trade, it has so far avoided the US and European sanctions that have hit the central bank and Russia’s major lenders.