The ruble has lost about 40% of its value since Western governments cut off some Russia banks from the international SWIFT payment system in retaliation for President Vladimir Putin’s Feb. 24 attack on Ukraine. Russia’s central bank was blocked from using its foreign currency reserves to defend the exchange rate.
China has avoided joining other governments in criticizing Putin’s attack and has criticized Western sanctions. Chinese companies give no sign they are joining Western counterparts in pulling out of Russia, but economists say they are likely to try to take advantage of pressure on Moscow to try to strike better deals.
