- 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.
- ETFs: CYB, CNY, FXSG, FXCH
Russian companies look to trade in Asian currencies
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