For the first time since it invaded Ukraine, Russia is expected to start buying Chinese yuan again to replenish its foreign reserves

• Russia is likely to start buying Chinese yuan to replenish its FX reserves as soon as May 2023, per Bloomberg Economics.
• This would be the first time Russia has replenished its FX reserves since it invaded Ukraine.
• The move indicates that Western sanctions and a G7-led price cap on Russian crude aren't enough to curb Russia's energy revenues.

Russia is likely to start buying foreign currency as soon as this month — marking the first time Moscow has replenished the country's reserves since it invaded Ukraine in February 2022.