Russia in talks with China on yuan loan

Russia’s Finance Ministry has been in discussions with Chinese counterparts about the possibility of obtaining loans in yuan, but no decision has been made yet, Reuters reported on Monday, citing its Minister Anton Siluanov remarks.

Siluanov stated that negotiations with Chinese partners have been ongoing for some time, and that the topic was discussed at the end of last year during inter-ministerial dialogue, the statement added.

He also mentioned that Moscow is prepared to begin testing digital currency payments with China and other Eurasian Economic Union countries, and will advocate for this idea with its partners.

Regarding the freezing of Russian central bank assets by the European Union and the Group of Seven nations (G7) following the invasion of Ukraine in 2022, Siluanov stated that Russia has frozen an equivalent amount of assets in response to the decisions made by Western countries.

He also stated that Russia’s budget is “under control,” with revenues slightly exceeding expectations this year, and spending being slower than last year due to stricter controls over advance payments and spending justification.