Major Chinese banks stop accepting yuan payments from Russia
Russian dictator Vladimir Putin and Chinese leader Xi Jinping (Photo:Sputnik/Sergei Guneev/Pool via REUTERS)
Several Chinese banks stopped accepting payments in yuan
from Russia feared by sanctions from U.S, China’s largest ICBC, as well as
China Citic Bank (10th), Industrial Bank (13th), and Bank of Taizhou, Russian state
newspaper Izvestia reported on April 17.
“Bank of China also introduced new restrictions – only a
small share of transactions still goes from Russia to this credit institution,”
the publication reports.
“Such measures appeared at the end of March. They are
associated with risk of getting sanctioned. Almost 80% of payments to China are
being returned.”
Situation with payments from Russia to China deteriorated
sharply in late March. Payments for industrial goods became especially
difficult. At the same time, China can still provide transactions for ordinary
consumer products through.
Small financial institusions are also beginning to follow
example of large banks and tighten up restrictions, fearing imposition of
secondary sanctions by United States.
Russia is trying to restructure its cooperation with Chinese
banks by conducting transactions through third countries and payment agents.
For example, money is transferred from Russia in rubles to
friendly countries. And then, from a company not formally affiliated with
Russia, yuans are sent to China.
Some companies also open branches in China for that matter.
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