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Russian banks say they've run out of yuan as Chinese firms pull away from the nation

  • Russia’s yuan reserves are nearly depleted due to Chinese banks’ fear of US sanctions.
  • Lenders have urged Russia’s central bank to address the yuan deficit, causing the ruble to drop.
  • China’s hesitance stems from US threats of secondary sanctions over Russia’s Ukraine war financing.
FundMECFSResearch ,

Sanctions work.

LifeInMultipleChoice ,

Not fast enough. I agree they work, but often times it hurts all the people, and the ones that have “say” often are slow to help their fellow people.

Theprogressivist ,
@Theprogressivist@lemmy.world avatar

Hence, the point of sanctions.

ABCDE ,

How is hurting everyone the point?

Syntha ,

There is no other way

ThePantser ,
@ThePantser@lemmy.world avatar

If people are gonna down vote at least have the guts to propose a different option. Down voting doesn’t change reality.

ABCDE ,

What examples of sanctions on a country have seen change? Regime, attitudes, or the like.

Barbarian ,
@Barbarian@sh.itjust.works avatar

To piggyback on @Syntha, the point of sanctions is to create an extreme economic cost to a state as a bargaining chip. Stop doing the thing we don’t like and you get your trade back. Unfortunately, states control the national currency (most of the time), which means anyone who uses that currency also gets hit. There is no way around that.

Politically speaking, a majority of Russians have been utterly disenfranchised from politics, repeating the refrain “I’m not political” like it’s a magic spell that will ward off the consequences of their government. Consequently I’m not that sad about them experiencing a bit of economic hardship. Maybe it’ll help them realize that politics isn’t just for politicians.

andrew_bidlaw ,
@andrew_bidlaw@sh.itjust.works avatar

Incrimental economical hardships get obfuscated by the state so no one draws a line between that and the war, or if they do, they have 1000+1 reasons why it went this way thanks to propaganda. Until it is a direct shock treatment at some industries, it would be toned down by the effort of local economical institutions. I’m the outlier in buying things in non-chinese services and following western media it seems, and slowing down the YouTube was the first event when I noticed many previously apolitical person to find their ways to circumvent the ban.

The most energized groups are those of recent soldiers and their families, and their protests get shut down fast. It’s genuinely afraid of them. And it feels like the way it would happen.

Barbarian ,
@Barbarian@sh.itjust.works avatar

Maybe. The point of the sanctions isn’t to cause unrest though, as I said, it’s to apply pressure to the state. If it happens to cause some unrest, that’s an unlikely side-benefit.

InverseParallax ,

Their country, their responsibility.

The Germans learned that lesson the hard way.

InvertedParallax ,

No, you’re right, we can’t do anything beyond harsh criticism, no, even that’s too far, what if we hurt some of the genocider’s feelings?

They’re sending their kids into a meat grinder because they hope other people’s kids will feel more pain in that same meat grinder.

ABCDE ,

I didn’t say that.

How have sanctions changed anything?

skulblaka ,
@skulblaka@sh.itjust.works avatar

China is pulling all their funding from Russia due to sanctions. That’s the article we’re in the comments of.

Honytawk ,

Who else will march the street in protest?

ABCDE ,

Do you have examples of sanctions resulting in protests which have changed something for the better?

Tja ,

You can’t avoid that in a dictatorship or oligarchy. You freeze all of their money? They will just steal more from the population.

d00phy ,

This is what frustrates me so much about people in the US arguing against supporting Ukraine. At the end of the day, while China might be willing to help Russia, the US is by far it’s largest customer. Add to that China’s own economy is contracting, and supporting Ukraine against Putin, along with the severe sanctions that have been in place, is the smartest most cost effective way of hopefully removing him from power. I have a co-worker who got out of Russia a little over a year ago, and he said it was pretty bad before he and his family left. Unfortunately, it’s a slow process because the goal is to get the Russian people to oust him. We all know that’s not going to happen at the ballot box, so all that’s left is the people overthrowing their leaders. Things have to get pretty dire before a population like Russia’s gets to that tipping point.

This is a marathon. The main thing is keeping Ukraine strong and able to defend itself. I’m really liking the offensives into Russian territory they’ve been carrying out. I just want them to remember a defensive position is easier to maintain/win than an offensive one. In other words, don’t try to go to far into Russia. Way way too many great generals have made that mistake!

Badeendje ,
@Badeendje@lemmy.world avatar

Like a constrictor, squeezing everywhere, untill you can’t breathe.

sartalon ,

Hot take:

China has lost all faith in Russia. Is reorganizing to reflect that.

And maybe is even considering Taiwan’s advice, lol.

randint ,
@randint@lemmy.frozeninferno.xyz avatar

What’s “Taiwan’s advice”? What did Taiwan tell China about Russia?

Pringles ,

The president or prime minister said that if China is serious about reclaiming Taiwan, it should also reclaim land that is currently Russian, as that land was also lost during the same time period.

sartalon ,

Taiwan made a sarcastic comment.

Essentially calling out their policy of “Territorial Integrity”, they told them to take back land they gave to Russia

mindlight ,

Well… India is still a partner so Putin still has that…

fuckingkangaroos ,

India is taking advantage of the situation.

It’s understandable that a developing country wants cheap energy, also genuinely sad the world’s largest democracy is funding a dictator’s barbaric land grab.

mindlight ,

India is financially supporting colonization of Ukraine by doing business with Russia.

India is supporting colonization.

Saleh ,

“world’s largest democracy” run by a fascist, who embraces pogroms against the Muslim minorities and assists Israel in its genocide against palestinians, including sending India troops there.

Of course Israel is best buddies with Modi in the same way they sold drones to Russia after the Crimea annexation, which later helped Russia bomb Ukraine during the main invasion. Neither country is a liberal democracy, nor do they share interests with “the West” past their own immediate advantage.

explodicle ,

It would be interesting to see the ruble collapse entirely. Crypto is already very popular in Russia, so the state could lose a tremendous amount of power/funding when they need it most.

werefreeatlast ,

I’m selling my extra pea gravel. I’ll try and get an exception for export to ruzzia if necessary. Sure gravel can be used as bullets. But I find that level of indefence acceptable.

Each 1/4" gravel piece will cost just one ruble. And the uses are endless! For example, for several billion rubles you can defend one building! Did I mention that each gravel piece is personally signed by a very hot American woman who will be completely naked while signing it and she will gently touch the tip of her blossoms on every piece before kissing it and telling it a story. Usually she will arrange several thousand pieces around her to tell the story. Usually it’s a reading of an accounting book though. But she will be totally naked.

We, at my backyard pile of gravel company hope that before we run out, there will be at least one ruzzian buried several feet under each one of our beautiful gray colored pieces.

The true value of this very special gravel comes in the field! As each soldier is dropped by those pesky Ukrainians, the location can be specially marked by placing a pieces over the perished. Incredibly, you can then place one in a special counting bag. So if you count 5 pieces later in that bag, that means you had 5 perished guys. And these marker counters last for years and years! No maintenance required! It’s the perfect way of saying thank you. I got at least a cubic yard of this beautiful specimens. 50% off if we switch the model with a very naked mole rat. The rat does all the aforementioned things but in its own native way of communicating with little squeaks.

ScruffyDucky ,

I guess the financial market is being reduced to ruble

MediaBiasFactChecker Bot ,

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