In February 2023, the Chinese yuan surpassed the US dollar in Russian trade activity, marked by a notable “tomorrow” deal and emerging as the most traded currency in Russia. This shift was reported by the newspaper Kommersant, based on Moscow Exchange data. The yuan’s trading volume reached more than 1.48 trillion rubles in February, about a third higher than January, with the prior peak dating back to December 2022 when Chinese currency trades amounted to 0.19 trillion rubles.
During February, the yuan represented roughly 40% of total trading in major currencies, while the dollar accounted for just over 38% and the euro for 21.2%. A year earlier, the dollar had dominated Russian trade at 87.6%, the yuan 0.32%, and the euro 11.9%. These figures are interpreted as evidence of Russia gradually favoring non‑hostile currencies amid Western sanctions. The General Administration of Customs of China reported that trade turnover between Moscow and Beijing rose by 29.3% to reach about 190 billion dollars in the period observed.
Sovcombank’s chief analyst, Mikhail Vasiliev, noted that roughly half of Russia’s trade with China is conducted in rubles and yuan. He stated that the use of national currencies in commerce with China is likely to climb further in the months ahead. In parallel, the Central Bank resumed selling Chinese currency in alignment with the Ministry of Finance’s budget rule implemented at the start of the year. This policy contributed to a rise in yuan trading volumes, with February figures showing sales of 160.2 billion rubles compared to 54.5 billion rubles in yuan trades alone in that month.
Former Finance Minister Alexei Moiseev highlighted the yuan as a meaningful alternative to the dollar or euro, underscoring its growing role in investment and cross‑border settlements. The evolving pattern reflects a broader trend toward diversifying reserve and settlement currencies in Russia’s international commerce and signals a deliberate shift to include more stable and trusted counterparts within the region and beyond.