Russia will start buying Chinese yuan on the currency market in 2023 if the country's oil and gas yields meet expectations.
This indirectly further increases Moscow's potential to reduce its dependence on the US dollar and Western financial markets.
Western sanctions on Russia have stifled access to and use of the dollar and euro, prompting Moscow to turn to the Chinese currency for international payments.
As a result, daily yuan-ruble trading volume on the Moscow Exchange was seen to exceed dollar-ruble trading in several days, according to a Reuters report citing data from Refinitiv.
In February, Russia stopped intervening in the currency market after the use of its foreign exchange reserves was limited by Western sanctions.
Two sources, speaking on condition of anonymity, told Reuters that intervention would resume next year in yuan as long as income from oil and gas exports exceeds 8 trillion rubles as stipulated in the budget plan.
Meanwhile, the yuan's share of the Russian currency market has jumped by 45%, up from less than 1% at the start of the year, the Moscow Exchange told Reuters last month.
