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Russian banks are opening retail accounts dealing in yuan as China eyes a chance to dominate the country's economy.
Russia's second largest bank VTB Bank has begun offering a Chinese yuan savings account with an interest rate of up to 8pc, hailing the currency as "one of the most affordable and promising options for investing funds" after the country was hit by Western sanctions.
A number of other Russian banks are now eyeing the possibility of opening settlement accounts and deposits in yuan, Russian newspaper Kommersant reported on Wednesday.
In 2 weeks Putin has gone from starting an Empire to being a Chinese colony!