In recent months the United States has imposed more sanctions over alleged Russian interference in the presidential elections and the poisoning of ex-double agent Sergei Skripal and his daughter in Britain. Since the latest round of US sanctions and under the threat of further measures, the ruble has dropped sharply in value against the dollar and euro. The yuan has fallen steadily against the dollar in recent months. Mr Putin in July said that “political disputes” were “damaging the dollar as the global reserve currency”. He said that the Chinese yuan was meanwhile “acquiring the qualities” of a reserve currency.
