Not all forecasts are rosy, however. Over the weekend, a Biden administration official said China did appear to be respecting U.S. sanctions.
On the first day of March, the Kremlin said it would move to restrict foreign companies looking to pull out of the Russian market.
Russia's foreign currency reserves—dubbed its"war chest"—are estimated at $630 billion. The central bank's figures from last summer showed 32.3 percent held in euros, 16.4 percent in U.S. dollars, 13.1 percent was in Chinese yuan, 21.7 percent in monetary gold and the remaining 16.5 percent in other currencies including pound sterling.
When the effects of the sanctions became apparent on Monday, Chinese economic analyst Ren Zeping predicted that Russia could turn to China's yuan-based CIPS transaction system, which could help cushion the blow for the time being. However, prolonged use of CIPS would create bifurcated global markets and—crucially for Moscow—a heavy reliance on the Chinese currency., shows the largest holders of the Russian central bank's foreign currency and gold reserves.
Despite China's insistence that it will continue trade with Russia, the United States believes Beijing will respect the West's sanctions. Over the weekend, an unnamed Biden official told Reuters that China was not actively helping Russia evade the economic punishment. "The latest signs suggest that China's not coming to the rescue," the official said, noting that doing so could result in"profound damage" for the Chinese economy, too. Also on Monday,
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Opinion | Whatever Biden says, the state of our union is not strongPart of maintaining credibility with voters is acknowledging the world as it is, not as the president wishes it to be.
Weiterlesen »
Opinion | Thank goodness Biden, not Trump, is president during the worst European crisis since 1945Opinion by Max Boot: Thank goodness Biden, not Trump, is president during the worst European crisis since 1945
Weiterlesen »
Biden: The Answer Is Not to Defund the Police'We should all agree, the answer is not to defund the police,' President Biden said during the SOTU. 'The answer is to fund the police with the resources and training they need to protect our communities.'
Weiterlesen »
Biden not addressing Afghanistan withdrawal in first SOTU a 'slap in the face': Rep. Michael WaltzRep. Michael Waltz, R-Fla., weighs in on Biden’s first State of the Union address and the Russian invasion of Ukraine.
Weiterlesen »
Biden Outlines New COVID-19 Plan to Not Allow “Virus to Dictate How We Live”The 90-page strategy spells out initiatives and investments to continue to drive down serious illness and deaths, while preparing for potential new variants and providing employers and schools the resources to remain open.
Weiterlesen »