Russia adopts Chinese yuan-to-ruble as benchmark exchange rate after US sanctions force a further move away from the dollar

• Moscow adopted the yuan-to-ruble exchange rate as benchmark after the US expanded sanctions against it.
• The US sanctions forced the Moscow Exchange to end dollar and euro trading, causing market confusion.
• Russia's central bank reports yuan is now the main currency, accounting for 54% of trades.

Moscow is adopting the Chinese yuan-to-ruble exchange rate as its benchmark currency pair after the US expanded sanctions against Russia on Wednesday, the country's central bank said on Thursday.

The new restrictions target any global financial institution processing transactions with Russia. They also take aim at investments in Russian stock exchanges.