Chinese companies supplying various consumer goods to Russia have started halting sales on e-commerce platforms due to the collapse of the ruble. Reports TSN. This information comes from Kontrakty.UA.
This is reported by the publication China Morning Post.
The decline of the Russian currency to its lowest levels since March 2022 has caused concern among Chinese entrepreneurs, particularly those trading in rubles.
China has become Russia's largest trading partner and the main supplier of consumer goods, filling the gap left by Western companies that exited. According to customs data, goods worth $10-11 billion from China are imported to Russia each month — double the amount before the war began.
More than 50% of goods on e-commerce platforms come from China. However, the ruble's collapse has already inflicted serious losses on Chinese exporters.
Dollar rate in Russia rises: what is known
On Wednesday, November 27, the Russian ruble continued to decline against the dollar and the Chinese yuan. Since the beginning of August, the exchange rate has fallen by at least 24%, and this trend is ongoing.
As of 15:45, the dollar rate reached 114.5 rubles, while the euro was at 120.6 rubles. Such levels were last seen in mid-March 2022, when the first sanctions were imposed against Russia due to the onset of a full-scale war against Ukraine.
The ruble's decline is exacerbated by a more than 20% drop in the stock market this year. Investors are actively pulling funds from stocks, preferring deposits with interest rates exceeding the Central Bank's key rate, which is set at 21%.
This situation intensifies inflation, which is likely to exceed the regulator's forecasts. This contradicts the strict monetary policy measures being implemented by the Central Bank, whose key rate has reached a record level since 2003.
The ruble's position has worsened amid new sanctions against the Russian financial sector, which have complicated foreign trade settlements, especially for oil and gas. Experts believe this has led to a shortage of foreign currency in the domestic market.