Western sanctions have also forced Russia to look toward China for investment opportunities.
Moscow and Beijing have reached an agreement to replace the USD with national currencies in international settlements between the two countries. The agreement also calls for the two sides to develop alternative payment mechanisms for the US-dominated SWIFT network (international interbank financial system), moving towards promoting trade in Russian rubles and the yuan.
Agreed. Sanctions have forced russia to rely on china and banks to conduct its normal business.
Russia's policy and stance has shifted significantly since sanctions were imposed. Its policies lean in favor of china and banks as a result.