In December 2025, Russia issued its first renminbi-denominated Federal Loan Obligations, signalling an intensification of its post-2014 economic statecraft and a further shift away from euro- and dollar-centric financial channels under U.S. and EU sanctions, elevated domestic interest rates, and a widening budget deficit. This article examines its strategic rationale and implications, in light of the prerequisites for international currency status and China’s approach to RMB internationalisation