21
votes
Russian banks say yuan coffers empty, urge central bank action, while Chinese banks in Russia are avoiding currency trading for fear of secondary Western sanctions
Link information
This data is scraped automatically and may be incorrect.
- Title
- Major Russian lenders say yuan coffers empty, urge central bank action
- Authors
- Elena Fabrichnaya
- Published
- Sep 5 2024
- Word count
- 410 words
Oh boy, on top of the high interest rates and high inflation(and probably actually higher too!), low unemployement, loss of many high skilled tech workers through migration or the trench, Russia's economy really appears to be close to getting suffocated and overheated.
The longer this goes on, the more I think that if Harris wins this November that Putin is finished. If he isn't already. A central bank can only delay reality for so long until it snowballs back, and harder than it actually would have.
Russian banks have been doing a surprisingly good job at delaying reality, but yeah, secondary sanctions do seem to be helping. There are probably workarounds like black market currency trading with suitcases of cash or maybe cryptocurrency, but it adds friction because the black market traders will want their cut.
That would be a lot of cash.