The Japanese have said goodbye to the dollar: profits from Russian projects are now in yuan

Japanese concerns with energy projects in Sakhalin have started receiving dividends in yuan, writes Japanese newspaper Nihon Keizai.

Before the sanctions were imposed, Sakhalin dividends of Japanese companies were paid in dollars. As a result of Western restrictions prohibiting Russia from using dollar settlements, dollar transactions have become difficult. Therefore, the Russian side has created a new remittance route.

RMB transactions are made worldwide, the authors add. In 2022 the share of the dollar in world foreign exchange reserves was falling 10 times faster than the average over the past 20 years. There is a practical de-dollarisation of the world economy. Even the Japanese, loyal to the US, have moved away from the US currency due to energy interests and use the yuan in transactions with Russia.

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The Japanese have said goodbye to the dollar: profits from Russian projects are now in yuan