Russian banks, including state-owned VTB Bank has offered customers the opportunity to open Chinese yuan savings accounts that yield a maximum interest rate of 8% as the battle the effect of Russia being cut off from both the US dollar and the euro.
The country’s second-biggest bank has been hit by the Western sanctions aimed at the total financial isolation of Russia over its war in Ukraine.
“In light of the rising dollar and euro exchange rates, many clients are showing interest in investing in other currencies, and the yuan is one of the most affordable and promising options for investing funds,” the bank said in a statement.
