This paper examines the impact of economic sanctions on the choice of invoicing currencies in international trade, focusing on the sanctions imposed on Russia following its full-scale invasion of Ukraine in February 2022. Using transaction-level data on Russia’s imports from 2016 to 2023, we document a significant shift away from US dollar (USD) invoicing toward increased use of the Chinese renminbi (CNY), particularly in trade with China and other neutral economies. By the second half of 2023,