打开俄罗斯2025年财政账本，数字触目惊心：财政赤字飙到5.7万亿卢布，相当于703亿美元，占GDP的2.6%，超年初目标五倍！更要命的是，作为"钱袋 子"的石油天然气收入，前9个月同比暴跌20%，关税收入也跟着缩水19%。更要命的是，西方制裁早把俄罗斯踢出SWIFT系统，美元欧元融资渠道彻底堵 死。你以为发行卢布债就能解困？俄罗斯央行基准利率已飙到20%，现在发债，利息能压垮财政！ 普京破局！俄主权债首用人民币，中美争锋下这步棋有多狠？ 【前言】2025年12月2日，莫斯科时间凌晨三点，俄罗斯财政部官网突然更新一条红色公告——史上首只人民币计价主权债券正式启动认购！消息一出，全 球金融圈瞬间炸锅。要知道，这可是俄罗斯在美元封锁、欧元断链后，第一次把国家信用押在人民币上。普京这步棋，到底藏着什么惊天布局？ 绝境求生，俄罗斯为何盯上人民币？ 这时候，东方亮起一盏灯。中俄贸易额2024年冲到2450亿美元历史峰值，双边结算99%用卢布和人民币。更关键的是，人民币在俄已成"硬通货"——莫斯科 交易所人民币交易量早超美元欧元，稳坐头把交椅。俄罗斯石油公司、卢克石油这些能源巨头手里攥着天量人民币，正愁没处增值。这时候推 ...

哈喽大家好，我是标叔。 2025年底，俄罗斯财政部正式宣布，将于12月2日开启史上首只人民币计价主权债券的认购，12月8日完 成技术性配售。 这只债券分为3年和7年两个期限，单张面值1万元人民币，每半年付息一次，投资者既能用人民币认购 兑付，也能选择卢布交易，市场预计需求将高达1000亿卢布。 在中美金融博弈日趋激烈、全球货币格局暗流涌动的当下，俄罗斯这一举措绝非单纯的"借钱补窟窿"。 普京政府选择用人民币而非美元、欧元发行主权债券，背后藏着的是在中美争锋中清晰的战略站位，更 是对美元霸权的一次精准冲击。 这步棋，不仅解了俄罗斯的燃眉之急，更给全球去美元化浪潮按下了加速键。 绝境之下无选择 俄罗斯发行人民币主权债券，最直接的原因就是"日子过不下去了"。 2025年，俄罗斯的财政赤字创下历史新高，预计达到5.7万亿卢布，折合美元约703亿，占GDP的2.6%， 这比年初制定的目标足足超出了近五倍。 作为能源出口大国，石油和天然气收入一直是俄罗斯的"钱袋子"，但2025年前9个月，这项核心收入同 比下降了20%，关税收入也跟着下滑19%。 与此同时，增值税、企业利润税等非石油税收也没达到预期，一边是收入锐减，一边 ...

Core Insights - The Russian Ministry of Finance plans to issue RMB-denominated sovereign bonds in the domestic market for the first time, aiming to create new investment channels for the substantial RMB funds accumulated by domestic exporters and banks in energy trade with China, thereby deepening financial cooperation between Russia and China [1][4] - The bond issuance is expected to be significant, with a total scale of up to 400 billion rubles (approximately 35.2 billion) planned to be released in four batches, with maturities ranging from 3 to 10 years to cater to various investor needs [1][3] - The issuance is set to officially start in early December, targeting a wide range of investors, including banks, asset management companies, and retail brokers [1][3] Trade and Financial Context - Approximately 90% of trade settlements between Russia and China are conducted in rubles and RMB, with the proportion of local currency settlements reaching 92%, reflecting a pragmatic advancement in the "de-dollarization" process [3] - The trade volume between Russia and China is projected to reach a historical high of 245 billion dollars in 2024, with energy trade being a core component and a primary source of RMB accumulation [3] - The bonds will be issued on the Moscow Exchange, which has ceased trading in US dollars and euros since June 2024 due to Western sanctions, limiting participation from foreign investors, including those from China and other Asian countries [3] Strategic Considerations - The push for RMB bond issuance is part of Russia's strategy to evade sanctions and optimize foreign exchange asset allocation, with the RMB's role in trade settlements rising to over 95% by mid-2025 [4] - The issuance aims to activate dormant RMB funds and enrich the domestic financial market product system [4] - Russia is negotiating with China to establish a financial market bridge mechanism to allow Chinese investors to invest in Russian assets without Western regulatory constraints, which could facilitate future financial market connectivity between the two countries [4]