Russian nuclear, gas firms might issue yuan-denominated ‘panda bonds’

2025-09-09 08:02:14

(MENAFN) Major Russian companies, including nuclear powerhouse Rosatom and gas giant Gazprom, are exploring the issuance of yuan-denominated “panda bonds,” according to media reports.

Since Russia’s 2022 invasion of Ukraine, Western sanctions have blocked Russian firms from raising funds in Western capital markets, prompting them to seek alternatives in Asia. China is now preparing to reopen its domestic bond market to major Russian energy firms, the Financial Times reported Monday.

Chinese regulators reportedly indicated during an August meeting in Guangzhou that they would support the issuance of panda bonds—yuan-denominated debt offered by foreign companies in China.

Russian officials, including Deputy Finance Minister Ivan Chebeskov, confirmed discussions with Chinese counterparts about placing bonds on the Chinese market. “We are discussing how best to do this; talks with our partners are ongoing,” he said.

If completed, this would be Russia’s first corporate fundraising in mainland China since 2022 and the first sale of Russian debt on China’s onshore public market since aluminum producer Rusal issued a 1.5 billion yuan ($210 million) panda bond in 2017.

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