China refuses to accept 'dirty' yuan from Russia

Chinese banks don't want to work with yuan that has ties to Russia, for example, bought on the sanctioned Moscow Exchange or used in transactions with Russia. Such money is labeled 'dirty' there, and local banks have begun to avoid working with it.

In this regard, it is believed in Russia that it is possible that Chinese banks will start demanding proof of purchases on non-sanctioned sites from importers. And such a 'clean' currency has already become more expensive.

However, Russia has already started looking for a way out of the situation. In particular, they hope to "use a system based on offsetting claims and obligations between counterparties in different jurisdictions, which requires the involvement of third parties who can connect the agreements of exporters with importers," Russian media report.

"China began to divide its currency into 'clean' and 'dirty' (associated with Russia). Chinese banks avoid 'dirty' yuan," they said.

China is not Kremlin's savior

China has not supported Russia's gas issue either. Although Europe buys almost as much gas from Russia as Russia does, this is also evidence of the Kremlin's failures. After all, despite all its efforts, China has not become a full-fledged replacement for Europe in gas purchases for Russia.

"Even after many rounds of international sanctions, Russia still supplies significant volumes of gas to some European countries - and this year this volume has actually increased. However, Moscow has not signed any new deals to accelerate the growth of its sales to China," Bloomberg reported.

It is also emphasized that in general, Russia's gas sales to Europe have dropped significantly. Thus, before the full-scale invasion of Ukraine, it annually supplied about 130-175 billion cubic meters of gas to the continent. That is, many times more than now.

At the same time, it is stated that in 2025, Russian gas supplies to China through the Power of Siberia gas pipeline are expected to reach 38 billion cubic meters. In addition, starting in 2027, this figure should be supplemented by another 10 billion cubic meters, which will be delivered via the so-called Far Eastern route. This still does not compensate the Kremlin for the loss of the European market.

As reported, at the same time, the Russian housing market is oversaturated due to government subsidies, which has led to a rapid rise in prices. In particular, in the largest cities, housing has already risen in price by 172%.

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