Electronic shortage expected in Russia by end of 2023 after international banks block Russian payments

Suppliers are trying to import electronics under other customs tariff numbers, as well as looking for alternative payment methods.

Strengthening of export control may lead to a shortage of similar products in Russia within six months, the newspaper wrote.

“It’s impossible to purchase components, spare parts, computers, etc. directly from the manufacturing country, and it’s becoming more and more difficult (to purchase) through third countries, so we may face a shortage of sanctioned products in half a year or a year,” said Georgy Vlastopulo, CEO of Optimalog logistics company.

The situation could have been caused by the banks’ fear of falling under U.S. sanctions for cooperating with sanctioned Russian individuals and legal entities.

At least two Armenian electronics suppliers have been sanctioned since the beginning of Russia’s full-scale war against Ukraine, including Milur Electronics, a company that U.S. authorities believe worked with Russia’s Miland microchip manufacturer.

Russian companies try to bypass bank checks by purchasing electronic components under “alternative” customs tariff numbers, using other payment methods, or buying the equipment as a whole.

At the same time, foreign banks now check payments from Russia “manually,” said the newspaper’s source in the banking sector.