Source: Nikkei Chinese website
Russia is strengthening the "de -US dollar" action.Due to financial sanctions in Europe, America, and Japan, in Russia's export settlement, the US dollar and euro pricing dropped from 90 % to 50 %, which obviously turned to RMB and rubles prices that were not affected by sanctions.The use restrictions on the US dollar of axis currency will cause a blow to trade and financing, while strengthening the impact of relying on China while strengthening China.For one year in Russia and Ukraine, the world's "decoupling" in the field of funds is also intensifying.
The Global Bank of China Financial Telecommunications Association (SWIFT), which is a bank international remittance network, accepted the requirements of the United States, Europe and Japan in March 2022 to exclude Russian banks.The Central Bank of Russia said that due to the influence of this sanction, Russia's "large proportion of banks are under sanctions, and the implementation capabilities of the US dollar and euro -pricing are hit."
After sanctions, the proportion of export settlement for US dollars and euro pricing has dropped rapidly.According to data from the Russian central bank, the US dollar was 52 % in January 2022 and the euro was 35 %.By September, it fell to 34 % and 19 %, respectively.
From the perspective of transactions such as crude oil, Russia and foreign banks that are not sanctioned to maintain US dollars such as domestic and foreign banks.The Russian Natural Gas Industry Bank, a state -owned company Russia, has not been sanctioned by SWIFT, and natural gas, including Japan, continues to be settled with USD and euro.It seems that there is still a situation of paying through the Russian local legal person through Western banks.However, from the overall perspective, the ratio has dropped significantly.Increased RMB valuation and rubles, with a total of 47 % in September.
Russia's natural gas will be settled from the previous US dollar to RMB and rubles.Judging from a part of the imported companies in Europe, there are also cases of changing from euro -pricing to rubles.From the perspective of the world's energy transactions, the US dollar is still dominating, but it is changing the practice with bilateral transactions in China and Russia.Due to the embargo of Russian crude oil and petroleum products in Russia (EU), Russia's production has flowed to Asia and other markets, which has also promoted the expansion of RMB pricing.
It also promoted the use of remittance networks against SWIFT.China's RMB cross -border payment system (CIPS) in January of January reached an average of 20,000 yuan a day, an increase of about 1.5 times before the Russian and Ukraine conflict.Nakatae Hyeya, a Japanese Yamato Research, said that "CIPS basically only supports RMB settlement, which can replace SWIFT's scope limited." At the same time, it also pointed out that "countries that are worried about becoming the U.S. and other sanctions in the future may increase."
Due to the decrease in the US dollar and euro obtained through exports, foreign exchange in Russia has a shortage of foreign exchange.In October last year, foreign exchange -based legal person loans decreased by 13 % compared to March.On the other hand, ruble increased by 11 %, increasing the loan amount as a whole.Through the decrease in foreign exchange loans through rubles, "avoids credit tightening" (Russian Bank).Russian officials support the economy through bank reserve and restrictions on their own capital, and banks' risks may be accumulated.
It has become difficult from overseas financing.From the perspective of Russian Treasury transactions, the proportion of overseas investors has been reduced from about 10 % before the Russian -Ukraine conflict to almost zero.The holding ratio of overseas investors in Loubu Guo Bonds was reduced from 20 % to 10 %.After the Russian government conflicts with Russia and Ukraine, the issuance of Treasury bonds to only rubles.SMBC Nikko Securities Akimoto said, "With the United States as the center, many countries have banned the transactions of Russian Treasury bonds, showing a state of financing in Russia."
For Japanese companies, trade and financial transactions with Russia are becoming increasingly difficult.For remittances to Russian local legal persons, large -scale domestic banks in Japan maintain their funds with customers in Russia without violation of sanctions.
However, the remittance channel is narrowing.Russia's local legal person in Russia notified customers in October 2022, "I hope to use currency other than US dollars or remit money through other banks."The reason is that overseas banks that provide transit services for Russia and foreign remittances have stopped US dollar remittances.
Nishiko of Japan's Institute of Life Economics pointed out that "the integration of Russia's economy and the Chinese economy is strengthening."The field of funds has also strengthened the trend of "financial strips" in the economic circle of authoritative countries.While making Western sanctions increasingly effective, it may lead to a decline in the efficiency of the world economy.
