Russians ditching dollars and euros for yuan – survey



"Accounts in the Chinese currency at Russian banks are spiking amid Western sanctions...Russian banks saw a sharp increase in the number of Chinese yuan accounts last month, a survey has found.

Russian citizens were actively converting their forex savings to the Chinese currency, while the number of new accounts denominated in yuan also grew significantly.

At Tinkoff Bank, for instance, the volume of funds held in yuan has surged eight times. MTS Bank reported a four-fold increase, as did the Ural Bank for Reconstruction and Development, while Bank Saint Petersburg saw a 3.5-fold rise."

Kommersant Daily