Russia is becoming increasingly dependent on Chinese banks as its yuan borrowings more than quadruple

Chinese banks are offering billions of dollars to Russia as Western lenders withdraw due to sanctions, leading to a quadrupling of renminbi-backed loans in Russia and deepening the country's economic ties with China.

businessinsider.com

Relevant topic timeline:

8/29/2023

China Banks to Cut Rates on Mortgages, Deposits in Stimulus Push

China's largest banks are preparing to cut interest rates on existing mortgages and deposits in an effort to stimulate consumer spending and support economic growth; the move is part of the government's targeted measures to alleviate pressure on lenders' profit margins and encourage investment in the stock market.

9/4/2023

Russia says it will not let foreign banks exit the market easily — unless they unfreeze Russian assets

Russia is demanding that foreign banks unfreeze Russian assets if they want to exit the market, imposing increasing costs for corporate breakups.

9/6/2023

Russia will increase foreign currency sales 830% as deadline for Eurobond repayment nears

Russia's central bank plans to increase foreign currency sales by 830% to help repay a $3 billion Eurobond and calm ruble volatility.

9/10/2023

India Proposes Investment Options for Russia's Rupee Surplus

Russia has accumulated billions of rupees in Indian banks, but cannot currently use the funds, although India has proposed investment opportunities for the money, according to Russian Foreign Minister Sergei Lavrov.

9/11/2023

Russia's Oil Profits Trapped in Indian Banks Due to Sanctions, Dealing Blow to Putin's Anti-Dollar Efforts

Billions of dollars in Russian oil sale profits are stuck in Indian banks due to restrictions, causing a setback for President Putin's attempts to move away from the US dollar for trade.