Chinese banks are “tightening the screws” before Donald Trump comes to power in the United States, experts say.
Chinese banks have started blocking payments to Russian companies through India, the UAE and Hong Kong. The Moscow Times writes about it on Thursday, November 21.
It was noted that Chinese banks have tightened checks on payments from India, the UAE and Hong Kong, trying to detect a “Russian trace” in them.
According to business representatives, it becomes more difficult to pay: credit institutions check shipping documents – to whom the goods are going, where and why. Previously, such enhanced checks were introduced for transfers through Turkey and CIS countries, but now they have spread to other states.
According to experts, Chinese banks are “tightening the screws” before Donald Trump comes to power in the United States, so the situation will not improve in 2025. Trump has long declared a trade war with China, and local banks will not take risks so as not to give the new American administration a reason for sanctions.
However, there are still options for sending payments to China. For example, there are still direct transactions from Russian regional banks to Chinese ones. Payments are also made through Malaysia and Indonesia.
As reported, Chinese banks are introducing restrictions on local companies cooperating with Russia – they are prohibited from opening accounts outside their province.
Previously, one of China’s largest state-owned banks, the Bank of China, stopped working with the Moscow Exchange after it came under US sanctions.
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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.