Russia Struggling to Secure Loans From China, Putin Ally Admits – By Brendan Cole (Newsweek) / Feb 26, 2024
Moscow has been engaged in “long term” discussions with Beijing but has been so far unable to strike a deal with Beijing in securing loans in the Chinese currency, the yuan, Russia’s finance minister has said.
The comments by Anton Siluanov come as Russia seeks to pivot away from the West due to sanctions imposed by its full-scale invasion of Ukraine which has led to a huge boom in trade with China.
Momentum from Moscow to secure yuan loans has been gathering pace since 2014 when Russia’s relationship with the West plummeted following Vladimir Putin’s illegal annexation of Crimea.
So far, there has been little progress, and in September 2022, Russia’s deputy finance minister, Timur Maksimov, said no agreement had been reached between the countries on such a move.
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