Interesting Global News
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Chinese currency took 53.6% of all Russian trade in May of this year.
Compare this with just 1% 2 and a half years ago in the beginning of 2022.
Russian financial system is already prepared for this scenario and absolutely no serious impact is expected to occur.
These events (sanctions and switch in trade) will simply accelerate transition of Russian economy away from dollar in the trade.
Russia and China already use each other’s currency to settle trade between each other. World manufacturing and world resource store are now exclusively connected and now fully control internal inflationary pressures.
EU and US are not able to control price inflation and are forced to guard their economies through additional tariffs. For example, recent introduction of tariffs on Chinese made electric cars demonstrates loss of competitiveness of western economies. Cars are complex products that require a lot of energy to produce. As a result they are a good subject to aggregate economic efficiency.
if this continues China and Russia may be able to dictate the rate of currency inflation in the non-dollar space (read BRICS future currency control).
dollars that used to work inside Russia-China trade space are continuing to get pushed out into the dollar space and causing upward inflationary pressure on the dollar. This forces US Fed to keep pumping freed up dollars from the dollar system through elevated interest rates to keep inflation down in the dollar space.
There are 1st signs of economic slowdown in US and fed is currently unable to react quickly due to the need to pump excess liquidity from the dollar system.
So, all this impact on the dollar for a questionable impact on Russia.