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  • Kyrylo Budanov
    Kyrylo Budanov “When we work out certain actions on the objects of the defence industrial complex, we have only one goal: to slow down the production of Russian weapons.” 5 hours ago
  • Volodymyr Zelenskiy
    Volodymyr Zelenskiy “Manufacturers of weapons and military equipment from all over the world can join its basic declaration and demonstrate that they are ready to build the arsenal of the free world together with Ukraine. The fund will be replenished from dividends from state defence assets and from profits from sale of confiscated Russian assets.” 5 hours ago
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Page with all the IPSEs stored in the archive with the tag #yuan linked to them.
The IPSEs are presented in chronological order based on when the IPSEs have been pronounced.

“The de-dollarization of the economy, which the Russian authorities are so proud of, essentially translates into 'yuanization.' Russia is drifting toward a yuan currency zone, swapping its dollar dependence for reliance on the yuan. This is hardly a reliable substitution: now Russian reserves and payments will be influenced by the policies of the Chinese Communist Party and the People's Bank of China. Should relations between the two countries deteriorate, Russia may face reserve losses and payment disruptions.”

Visiting fellow at the German Council on Foreign Relations
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“Is that a default? ... From Russia's point of view, we are fulfilling our obligations. If we see complications with executing the order then on Tuesday we will prepare a relevant transfer order in the rouble equivalent. Russia has the necessary funds to service its external obligations and may also use a yuan part of its gold and forex reserves if there is such a need. The freezing of the central bank and the government's foreign currency accounts can be seen as a desire by several Western countries to organise an artificial default.”

Minister of Finance of the Russian Federation
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“We have part of our gold and foreign exchange reserves in the Chinese currency, in yuan. And we see what pressure is being exerted by Western countries on China in order to limit mutual trade with China. Of course, there is pressure to limit access to those reserves. But I think that our partnership with China will still allow us to maintain the cooperation that we have achieved, and not only maintain, but also increase it in an environment where Western markets are closing.”

Minister of Finance of the Russian Federation
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“I don’t think the [Belt and Road Initiative] can yet serve as an effective vehicle for yuan internationalisation. You don't see many countries, except Pakistan, taking yuan loans even under the Belt and Road Initiative, in part because it’s not relatively useful for foreign reserves or global payments. [Belt and Road Initiative] could facilitate yuan internationalisation once the currency has reached a higher level of global acceptability, but it wouldn’t promote the currency to that point.”

Independent energy policy analyst based in Washington
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