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Updated 06:18 24/02/20

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Russian companies prepare to pay for trade in renmimbi

Duncan Richardson, News Editor
9 Jun 2014, 10:12 a.m.

Russian corporations are preparing to switch contracts into Yuan and Roubles amid fears that the U.S. and their allies may attempt to freeze them out of the dollar based swift system, according to a top level Russian Banker.

Pavel Teplukhin, head of Russian division of Deutsche bank said, “Over the last few weeks there has been a significant interest in the market from large Russian corporations to start using various products in Renminbi and other Asian currencies and to set up accounts in Asian locations.”

Speculation is rising that the West are about to increase the number of sanctions placed on Russia due to their involvement in the Ukraine.

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