Beijing is to extend nearly $11bn to two Russian state entities that are under western sanctions.
The renminbi-denominated funds allow the Russian counterparties — the Russian Direct Investment Fund, a $10bn sovereign fund, and
Vnesheconombank, Russia’s state development bank — to escape possible penalties under US sanctions for dollar transactions. The funding was announced after Vladimir Putin, Russia president, met his Chinese counterpart Xi Jinping in Moscow yesterday.
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