Currencies
US Sanctions on Russia Boost Yuan, Ruble Trading in Kazakhstan
- Yuan, ruble trading more than doubles on Kazakhstan’s exchange
- US targeted Moscow’s main currency exchange in June over war
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Russian banks and companies are increasingly choosing Kazakhstan for currency operations needed to conduct payments with China after US sanctions made them overly complicated at home, according to people familiar with the matter.
In June, President Joe Biden’s administration imposed a raft of measures designed to further isolate Russia from the international financial system over the Kremlin’s war on Ukraine. The restrictions targeted Moscow’s main currency exchange and also raised the risk of so-called secondary penalties for banks in countries that continue doing business with Russia, which has delayed or disrupted payments to and from trading partners like China and Turkey.