Russian Ruble Hits Over 3-Year High Against Yuan Ahead of Putin's China Visit
The Russian ruble, which has been strengthening recently, rose today against the Chinese yuan to its highest level since February 2023. The yuan is the most traded foreign currency in Russia, and Russian President Vladimir Putin is scheduled to arrive in China tonight to negotiate new business deals. In addition to anticipation of the visit, the ruble is supported by high oil prices from the Middle East conflict and a surprise 30-day extension of a US sanctions waiver on Russian oil. Russia and China now conduct nearly all trade in their local currencies to bypass Western sanctions.
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- 📰 Published: May 19, 2026 at 20:16
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(CNA, Moscow, 19th, Comprehensive Foreign Report) The Russian ruble, which has seen strong gains recently, appreciated against the Chinese yuan today to its highest point since February 2023. The yuan is the most actively traded foreign currency in Russia, and Russian President Vladimir Putin is scheduled to arrive in China tonight to negotiate new business agreements. According to Reuters, data from the Moscow Exchange shows the ruble-yuan exchange rate rose to 10.45 rubles today. Data from the London Stock Exchange Group (LSEG) also indicates that the ruble-dollar exchange rate broke the 72-ruble mark for the first time since March 2023. Since April 1, the ruble has appreciated 12% against the dollar and 11% against the yuan. The support comes from high oil prices due to the war in the Middle East, a surprise 30-day extension of a US sanctions waiver on Russian oil which increased Russia's energy revenue, and market optimism that Russia and China will reach new business deals. Russian presidential foreign policy advisor Yuri Ushakov stated yesterday that the $240 billion in trade with China is now "almost entirely" conducted in yuan and rubles. This allows both parties to bypass Western sanctions. He also noted that in the first quarter of this year, Russia's oil supply to China increased by more than a third compared to the same period last year, reaching 31 million metric tons. During his visit to China, Vladimir Putin is expected to discuss new energy agreements with Chinese President Xi Jinping, including the Power of Siberia 2 gas pipeline. Through this pipeline, Russia transports natural gas from the Yamal Peninsula in West Siberia to China. Furthermore, China remains the largest buyer of Russian oil.