Russian Economy Suffocates Without Currency

• 17.06.2025, 16:52

Yuan didn't help.

The share of new foreign currency corporate loans for Russian companies is close to zero due to problems with currency liquidity.

"There are piece deals, because there is simply no liquidity in yuan on the market, liquidity in rupees is just beginning to form," said Deputy Chairman of the Board of Sberbank Anatoly Popov. This is reported by "Interfax".

"Unfortunately, there is no excess of yuan liquidity in the market. Therefore, the possibility of offering currency to exporters in general, not only to oil companies, which have traditionally always been financed in foreign currency, is also limited. Now, in fact, both exporters and clients of the ruble zone are forced to finance themselves in rubles. There is an increased demand for credit resources in rubles, earlier it was compensated by other mechanisms", - said Popov.

According to him, the population and companies of the Russian Federation do not greatly increase deposits in yuan.

"Yuan at the moment has not become a currency of savings for Russians. If earlier the population was actively saving in dollars and euros, then at the moment the population does not save, or does not save so much in such currency as yuan", - explained the banker.

Companies of the aggressor country, receiving the proceeds in foreign currency, try to sell it on the local market, convert it into rubles to carry out their activities.

"A number of companies have some excess cash in currency, but it is not a determining factor for the formation of foreign currency liquidity," Popov said.

Russian Sberbank also noted the demand of companies for lending in rupees and conducted a "small number" of such transactions.