Deripaska predicted that in four years the sanctions will lose all force

Russian billionaire Oleg Deripaska suggested that in four years the sanctions imposed by the United States and European countries will cease to apply. As an argument, he pointed to the material Financial Timeswhich states that over the past year, the number of transactions in the world made in Chinese yuan has doubled.

“It looks like trade volumes paid in Chinese yuan will surpass euro trade volumes within four years. And at this point the sanctions can be considered a completed exercise,” wrote Oleg Deripaska in his Telegram-channel.

Today, December 6, the Financial Times published an article by Alicia Garcia-Herrero, chief Asia-Pacific economist at financial services company Natixis. In her material, the expert analyzed the use of the Chinese national currency in 2023.

The economist noted that since 2004, when China began to internationalize its currency, the share of the yuan in global payments has remained unchanged. However, its share rose to 3.6% in October 2023 from 1.9% in January. The figure remains quite low against the US dollar, which accounts for 47.25% of global payments. At the same time, Ms. Garcia-Herrero noted that the share of the yuan in cross-border transactions is likely to continue to grow.