Russia’s Pivot to Asia Is Real, but Should Not Be Exaggerated

Russian President Vladimir Putin and Chinese Prime Minister Li Keqiang in Moscow, Russia, Oct. 14, 2014. (AP Photo/RIA Novosti, Alexei Nikolsky, Presidential Press Service).
Russian President Vladimir Putin and Chinese Prime Minister Li Keqiang in Moscow, Russia, Oct. 14, 2014. (AP Photo/RIA Novosti, Alexei Nikolsky, Presidential Press Service).

The Russian ruble hit an all-time low of 48.7 rubles to the dollar earlier today, a casualty of escalating sanctions from the United States and the European Union in response to the conflict in Ukraine. Beyond the sanctions, Russia’s economic outlook is increasingly grim given the recent drop in global oil prices. At the same time, the Moscow Stock Exchange has announced that currency trades between the ruble and the Chinese yuan reached an all-time high in October, increasing 80 percent over the previous month. The increase in currency trading is a direct result of a currency swap deal Russia […]

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