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Can the yuan replace the dollar trade?

Payment settlement in yuan for Russia: China could step in as savior from sanctions.

The single most powerful sanction Western countries could impose on Russia would be to cut it off from SWIFT. On Thursday, neither the EU nor the US could bring themselves to take this step. However, at a special summit, EU countries agreed to expand sanctions against Russia’s financial sector, which would cut off Russian banks from EU financial markets and prevent Russian state-owned companies from refinancing in the EU. More details are expected on Friday.

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