Juan did not replace the dollar in Russia. Kremlin's plan failure

In the early years of the war initiated by Russia, the yuan gained significant traction in the Russian economy, becoming a major currency for trade. However, by mid-2024, U.S. sanctions led to a decline in yuan transactions, causing chaos in trade between Russia and China. Despite initial growth, the yuan's share in payments for Russian exports to friendly countries dropped significantly. The reliance on rubles for exports increased, but this came with high costs due to intermediary transactions. Although there were discussions about the yuan challenging the dollar, its potential as a global currency remains limited due to China's capital controls. By mid-2026, the yuan's role in international reserves had decreased, and Russia faced a deficit in yuan payments for exports, indicating a shift in trade dynamics.