> resulted in Russia falling back to their local currency
It took until May of this year—over 2 years from first sanctions—for the yuan to hit top currency on the Moscow Exchange [1].
Of course sanctions hurt both America and Russia. But they hurt Russia more. Within a year, it will be a total suzerainty of China’s, a dynamic that’s beginning to become apparent in the concessions the latter is already demanding on resource pricing [2].
It took until May of this year—over 2 years from first sanctions—for the yuan to hit top currency on the Moscow Exchange [1].
Of course sanctions hurt both America and Russia. But they hurt Russia more. Within a year, it will be a total suzerainty of China’s, a dynamic that’s beginning to become apparent in the concessions the latter is already demanding on resource pricing [2].
[1] https://www.cnn.com/2024/06/13/investing/us-russia-sanctions...
[2] https://www.ft.com/content/f7a34e3e-bce9-4db9-ac49-a092f382c...