Russian companies look to trade in Asian currencies

|By:, SA News Editor

Russian companies are looking to change their dollar-denominated contracts if necessary, to renminbi, Hong Kong dollars or Singapore dollars due to increasing western sanctions.

The move shows a Russian shift towards Aisa, as tension mounts between Russia, Europe, and the West.

Sanctions have led Russian companies to limit their dependence on the western financial markets, and increase the importance of bilateral trade with China.

There has been a marked reduction in lending activity from U.S. and European banks to Russia, since the annexation of Crimea in March.