IPSE'S AUTHORS LAST 24h
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IPSEs IN THE LAST 24H
  • Jimmy Rushton
    Jimmy Rushton “Shoigu's replacement with a (relatively experienced and apparently competent) economist [Andrei Belousov] pretty clearly signals Putin believes victory in Ukraine will come via outproducing (and outlasting) Ukraine and her Western allies. He's preparing for many more years of war.” 16 hours ago
  • Konstantin Sonin
    Konstantin Sonin “Things are not going according to Putin's plan, but he will endlessly rotate the same small group of loyalists. Putin has always feared to bring new people to the positions of authority - even in the best of times, they must have been nobodies with no own perspectives. Toward the end of his rule, even more so.” 16 hours ago
  • Mark Galeotti
    Mark Galeotti “With an economist taking over the Defence Ministry, and the old minister taking up a policy and advisory role, the technocrats are in the ascendant. The goal though is not peace, but a more efficient war. As Putin digs in for the long term, with the 'special military operation' now being the central organising principle of his regime, he knows he needs technocrats to keep his war machine going.” 16 hours ago
  • Jeff Hawn
    Jeff Hawn “This indicates that the Kremlin is not seeking an exit from Ukraine, but once to extend their ability to endure the conflict as long as possible. Russia is very limited [on] how much they can increase scale, due to economic deficiencies. However, they can maintain a certain level of attritional warfare. And are likely hoping to do that longer than Ukraine can.” 16 hours ago
  • Dmitry Peskov
    Dmitry Peskov “Today, the winner on the battlefield is the one who is more open to innovation, more open to implementation as quickly as possible. It is natural that at the current stage the president [Vladimir Putin] decided that the Ministry of Defence should be headed by a civilian [Andrei Belousov].” 17 hours ago
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#yuan

Page with all the IPSEs stored in the archive with the tag #yuan linked to them.
The IPSEs are presented in chronological order based on when the IPSEs have been pronounced.

“The de-dollarization of the economy, which the Russian authorities are so proud of, essentially translates into 'yuanization.' Russia is drifting toward a yuan currency zone, swapping its dollar dependence for reliance on the yuan. This is hardly a reliable substitution: now Russian reserves and payments will be influenced by the policies of the Chinese Communist Party and the People's Bank of China. Should relations between the two countries deteriorate, Russia may face reserve losses and payment disruptions.”

author
Visiting fellow at the German Council on Foreign Relations
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“Is that a default? ... From Russia's point of view, we are fulfilling our obligations. If we see complications with executing the order then on Tuesday we will prepare a relevant transfer order in the rouble equivalent. Russia has the necessary funds to service its external obligations and may also use a yuan part of its gold and forex reserves if there is such a need. The freezing of the central bank and the government's foreign currency accounts can be seen as a desire by several Western countries to organise an artificial default.”

author
Minister of Finance of the Russian Federation
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“We have part of our gold and foreign exchange reserves in the Chinese currency, in yuan. And we see what pressure is being exerted by Western countries on China in order to limit mutual trade with China. Of course, there is pressure to limit access to those reserves. But I think that our partnership with China will still allow us to maintain the cooperation that we have achieved, and not only maintain, but also increase it in an environment where Western markets are closing.”

author
Minister of Finance of the Russian Federation
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“I don’t think the [Belt and Road Initiative] can yet serve as an effective vehicle for yuan internationalisation. You don't see many countries, except Pakistan, taking yuan loans even under the Belt and Road Initiative, in part because it’s not relatively useful for foreign reserves or global payments. [Belt and Road Initiative] could facilitate yuan internationalisation once the currency has reached a higher level of global acceptability, but it wouldn’t promote the currency to that point.”

author
Independent energy policy analyst based in Washington
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