Russia in talks with China on yuan loans, – Russian Finance Minister

February 26 2024, Russia’s Finance Ministry disclosed ongoing talks with Chinese officials regarding the potential of securing loans in yuan. However, as of now, no final decision has been reached, according to Russian Finance Minister Anton Siluanov, as reported by Russian state media on February 26.

Siluanov informed the RIA news agency that negotiations with Chinese counterparts have been ongoing for an extended period, but a definitive resolution is yet to be made. He noted that discussions on this matter took place towards the conclusion of the previous year during inter-ministerial dialogues.

Siluanov emphasized Moscow’s readiness to initiate trials for digital currency payments with China or members of the Eurasian Economic Union, pledging to advocate for this concept among its allies. He reaffirmed Russia’s stance that any actions involving Russian assets abroad will be met with a corresponding response in Moscow.

In response to the European Union and the Group of Seven nations freezing approximately 300 billion euros ($323 billion) of Russian central bank assets following the start of an unprovoked and aggressive of Russia against Ukraine in 2022, Siluanov noted that the EU and G7 have been deliberating for over a year on the potential utilization of these funds. “We are following the decisions of Western countries: we have frozen no less (than they have),” Siluanov said”, Siluanov remarked.

Siluanov stated that Russia’s budget remains “under control,” noting that revenues have slightly exceeded expectations for the current year. He highlighted that spending has been more restrained compared to the previous year, attributed to enhanced oversight on advance payments and expenditure justifications.

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