The bonds offered with maturities of three to seven years will allow investors to pay in yuan or rubles, offering Russia an alternative funding route amid restricted access to Western capital markets.
The move appears driven by two major pressures: a ballooning budget deficit fueled by falling oil revenues and high military spending and an accumulation of yuan liquidity from Russia’s booming trade with China.
According to the finance ministry, the issue may total up to 400 billion rubles (about US $4–5 billion), depending on demand. Analysts expect strong demand domestically, especially from exporters and entities already holding yuan though the bonds are likely to remain largely inaccessible to foreign investors due to ongoing sanctions on the Russian financial sector.
For Russia, this pivot marks a deeper decoupling from the dollar-dominated global financial system. By tapping yuan debt, Moscow hopes to cushion the impact of Western financial restrictions and channel Chinese-renminbi funds into domestic government financing.
Overall, this bond issuance signals a strategic shift: as Russia reorients its finances, it is increasingly embracing yuan and, by extension, strengthening its financial alignment with China.
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