Sanctions are draining Russia's economy - and are likely costing Putin close allies. Three people's banks in China stopped payment transactions with Russia.
If all Chinese banks stop accepting yuan payments from Russia, it would pose a major problem for Russia. The behavior of the allies would indicate that Russia wants to radiate great self-confidence to the outside world. The American think tank Wilson Center states in an analysis from February 2024 that the pressure of sanctions on Russia'sEconomy is increasing. Russia's central bank admitted it had limited options other than the Chinese yuan for its reserves.