KTFA:
Samson: Lavrov: Russia And China Will Increase Trading In Yuan And Ruble
1st June, 2022
Russian Foreign Minister Sergei Lavrov announced that Russia and China intend to significantly increase the use of the yuan and the ruble in the accounts between the two countries
“At a time when the United States and the European Union have turned their currencies into an instrument of blackmail, we intend to develop an independent financial infrastructure, and significantly increase the use of the ruble and yuan in accounts between our countries,” Lavrov said during the seventh international conference: “Russia and China: Cooperation in the New Era
Several Chinese companies bought Russian coal for the yuan in March
Russian oil exporters also offered Chinese buyers the option of paying supplies in yuan
Beijing has long sought to increase the use of the yuan in global trade, and sanctions against Russia are helping it do so LINK
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Samson: The United States Fears The Consequences Of Confiscating Russian Assets
1st June, 2022
A media report indicated that the US authorities feared the confiscation of the frozen Russian assets of the Central Bank.
According to the report published by the New York Times, the United States fears this process, which may lead to undermining its position as a reliable investment partner in the eyes of other countries.
The report added that discussions about withdrawing the assets of the Russian Central Bank “met resistance in the United States” due to the legal and reputational implications the country could face in such a scenario. “Senior officials in the Joe Biden administration have warned that withdrawing these funds may be illegal and prevent other countries from relying more on the United States as a country to make investments,” the report stated.
According to the newspaper, unlike many European countries that openly advocate the use of frozen Russian assets to provide financial assistance to Ukraine, the United States is “more cautious” in this regard. The newspaper added that US officials tend to believe that the confiscation of Russian assets may encourage central banks in other countries to redirect their dollar assets to other currencies.
In a recent speech, US Treasury Secretary Janet Yellen said she did not know if the frozen assets of the Russian Central Bank could be redirected to help Ukraine. The US authorities have repeatedly confirmed that they have not yet taken a decision on this issue.
Western countries imposed new sanctions on Moscow after the start of a special operation by the Russian army to disarm Ukraine. Therefore, Russian reserves are frozen at about $300 billion in a number of countries, and as part of the sanctions policy, decisions are also taken to freeze the assets and real estate of Russian businessmen.
Earlier, Ukrainian Foreign Minister Dmitry Kuleba had asked the G7 countries to pass laws allowing them to confiscate Russian assets and transfer them to Kyiv. LINK
