Russia Wants to Pay Debts in Chinese Yuan, Dollar Still Dominant

Even the Ukraine war can't internationalize the Chinese currency

Russian President Vladimir Putin chairs a government meeting via a video link at the Novo-Ogaryovo state residence outside Moscow on March 23, 2022. Putin has demanded that European nations to pay for their natural gas purchases from Russia in rubles. Mikhail Klimentyev/Sputnik/AFP via Getty Images

News Analysis

The West has rejected Russian President Vladimir Putin’s demand that gas payments be made in rubles. China is offering the yuan, but prospects are dim.