London Daily

Focus on the big picture.
Thursday, Oct 09, 2025

Russia & China hatch sanctions busting plan to limit use of dollar

Russia & China hatch sanctions busting plan to limit use of dollar

The remarks come in the face of increasing Western pressure
Amid a worsening stand-off between East and West, Russia and China are increasingly contemplating using their own currencies in mutual settlements and finding ways to work together to counter sanctions, Moscow’s envoy in Beijing has disclosed.

Speaking as part of an appearance on YouTube channel Soloviev Live on Wednesday, Andrey Denisov weighed in on the impact of embargoes imposed by Western nations on ties between the two nations.

“The fact that these sanctions have a negative impact on some aspects of our relations is indeed true,” he said, pointing at the impact on financial settlements. “If penalties are imposed on one of our banks, it is quite difficult for Chinese recipients of our products to pay us, although they have the money and the desire to do so.”

According to the envoy, “it is no coincidence that in recent years we have been talking more and more about the wider use of national currencies in the settlement of foreign trade transactions.”

“So measures to counteract the pressure of sanctions that we can apply together, we certainly do – and by the way, we are discussing this issue with our Chinese partners,” Denisov said.

The two countries have emphasized the importance of their relations in an array of spheres, including trade, energy, and defense in the face of strained relations with the West in recent months. However, a number of analysts have previously suggested that the meaningful ties between the two powers are limited in comparison to blocs like NATO.

In December, President Vladimir Putin’s foreign policy advisor, Yuri Ushakov, revealed that the Russian leader and his Chinese counterpart, Xi Jinping, had vowed to develop shared financial structures to enable the two nations to deepen their economic ties, without the interference of third countries.

The move appeared to be a response to a series of warnings from the West that Moscow could be cut off from the Brussels-based SWIFT international payment system as a punitive measure if Russian troops were to stage an invasion of Ukraine.

Last year, Russian Foreign Minister Sergey Lavrov said that the two nations “need to move away from the use of Western-controlled international payment systems.” His remarks echoed earlier comments from his deputy, Sergey Ryabkov, who told the Bloomberg business news outlet that it was necessary to “barricade ourselves against the US financial and economic system to eliminate dependence on this toxic source of permanent hostile actions,” and “cut back the role of the dollar in any operations.”
Newsletter

Related Articles

0:00
0:00
Close
France: Less Than a Month After His Appointment, the New French Prime Minister Resigns
Hungarian Prime Minister Viktor Orbán stated that Hungary will not adopt the euro because the European Union is falling apart.
Sarah Mullally Becomes First Woman Appointed Archbishop of Canterbury
Mayor in western Germany in intensive care after stabbing
Australian government pays Deloitte nearly half a million dollars for a report built on fabricated quotes, fake citations, and AI-generated nonsense.
US Prosecutors Gained Legal Approval to Hack Telegram Servers
Macron Faces Intensifying Pressure to Resign or Trigger New Elections Amid France’s Political Turmoil
Standard Chartered Names Roberto Hoornweg as Sole Head of Corporate & Investment Banking
UK Asylum Housing Firm Faces Backlash Over £187 Million Profits and Poor Living Conditions
UK Police Crack Major Gang in Smuggling of up to 40,000 Stolen Phones to China
BYD’s UK Sales Soar Nearly Nine-Fold, Making Britain Its Biggest Market Outside China
Trump Proposes Farm Bailout from Tariff Revenues Amid Backlash from Other Industries
FIFA Accuses Malaysia of Forging Citizenship Documents, Suspends Seven Footballers
Latvia to Bar Tourist and Occasional Buses to Russia and Belarus Until 2026
A Dollar Coin Featuring Trump’s Portrait Expected to Be Issued Next Year
Australia Orders X to Block Murder Videos, Citing Online Safety and Public Exposure
Three Scientists Awarded Nobel Prize in Medicine for Discovery of Immune Self-Tolerance Mechanism
OpenAI and AMD Forge Landmark AI-Chip Alliance with Equity Option
Munich Airport Reopens After Second Drone Shutdown
France Names New Government Amid Political Crisis
Trump Stands Firm in Shutdown Showdown and Declares War on Drug Cartels — Turning Crisis into Opportunity
Surge of U.S. Billionaires Transforms London’s Peninsula Apartments into Ultra-Luxury Stronghold
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Jeff Bezos Calls AI Surge a ‘Good’ Bubble, Urges Focus on Lasting Innovation
Japan’s Ruling Party Chooses Sanae Takaichi, Clearing Path to First Female Prime Minister
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Taylor Swift’s ‘Showgirl’ Launch Extends Billion-Dollar Empire
Trump Administration Launches “TrumpRx” Plan to Enable Direct Drug Sales at Deep Discounts
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Manhattan Sees Surge in Office-to-Housing Conversions, Highest Since 2008
Switzerland and U.S. Issue Joint Assurance Against Currency Manipulation
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Thomas Jacob Sanford Named as Suspect in Deadly Michigan Church Shooting and Arson
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
New York Man Arrested After On-Air Confession to 2017 Parents’ Murders
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
×