TOKYO — Russia is increasingly relying on the ruble and the yuan for cross-border payments, financing and more about a year since it invaded Ukraine, with Western sanctions limiting access to the dollar and euro.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) last March disconnected several major Russian banks from its global settlement network over the war. The dollar and the euro accounted for 34% and 19% of Russia’s export payments as of September, according to its central bank — down from 52% and 35% in January, before the sanctions took effect.
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