Vladimir Putin.
Russian President Vladimir Putin.
  • The Chinese yuan has become a key currency for Russia's trade settlement.
  • But tightened US sanctions are freezing and delaying yuan payments, Bloomberg reports.
  • Russia is eying alternative payment systems, including cryptocurrency, to bypass Western sanctions.

Western sanctions have shut Russia out of the dollar-dominant global financial order, but the country has managed to keep its wartime economy humming thanks to the Chinese yuan.