Among those who refused payments to Russia were at least eight credit institutions. Payments have been blocked since mid-January.
Major Chinese banks have stopped accepting payments in yuan from Russia, The Moscow Times reported on Thursday, March 21.
According to the publication, among those who refused payments to Russia are at least eight credit institutions: Ping An Bank and Bank of Nengbo, which occupy the 13th and 15th places in terms of capitalization, Great Wall West China, Dongguan Rural Commercial, China Guangfa, Kunshan Rural Commercial, Shenzhen Rural Commercial and China Zheshang.
Payments in yuan have been blocked since mid-January of this year. The new restrictions are likely caused by fears of the introduction of secondary sanctions and pressure from the United States.
Refusing to accept payments in yuan will make it harder for companies from Russia to pay. However, according to Russian financiers, there are several ways to continue payments: through a Russian bank, payments from which are still accepted in China, by opening a company branch in China or another “friendly” country, as well as through partners. in Hong Kong.
Earlier it was reported that the main Chinese bank for importers from the Russian Federation, Chouzhou Commercial, informed clients of the termination of transactions in Russia and Belarus, regardless of the payment system.
China has not officially joined the sanctions against Russia in response to the war in Ukraine, but after the restrictions were introduced, Chinese banks reduced their work with Russian clients under the sanctions.
We remind you that the previous day, the main state bank of Dubai, Emirates NBD, limited business with Russians. He closed the Russian division, as well as a large number of large accounts in Russia or those related to sanctioned individuals. In addition, the bank stopped accepting ruble transfers and payments.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.