Russia pays Sakhalin dividends in Chinese yuan

LONDON/WASHINGTON — Russia has paid dividends from the Sakhalin 1 and 2 oil development projects in Chinese yuan, Nikkei has learned, a move necessitated by Western sanctions on Moscow that have kept financial institutions from accepting dollars related to Russian business.

After Moscow last year established new companies to manage its interests in the projects, located in the country’s far east, Russian entities said they would change their dividend payment methods but did not specify which currencies they would use.