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.
Chinese bank Chouzhou Commercial has informed clients that it will stop transactions in Russia and Belarus, regardless of the payment system. Radio Liberty reported this today, February 7, referring to entrepreneurs, business associations and financial consultants.
It was noted that transactions were stopped in both SWIFT and the Russian SPFS system and the Chinese CIPS.
One of the interlocutors of the publication said: even if the movement of money through national systems is not visible to Americans or Europeans, it is reflected in the reporting that may require Western counterparts.
It is also reported that bank managers are informing clients about the termination of relations with Russian and Belarusian businessmen, which has already led to the failure of several agreements (relations were terminated last week).
It was also noted that due to the suspension of payments and the start of the Chinese New Year, the collapse of logistics is almost inevitable – due to the long weekend from February 10 to 17, it will be difficult to export goods until March.
A Russian businessman from Izhevsk, who buys equipment for machine tools in China, that in December Chouzhou Commercial informed him that he stopped paying for a certain list of goods, the its import into Russia is prohibited by international sanctions, and a few weeks later, the bank announced that all payments to Russia were stopped – regardless of the product and payment currency.
The publication notes that China did not officially join the sanctions against Russia in response to its full-scale aggression in Ukraine, but after the introduction of restrictions, Chinese banks reduced work with Russian clients under of punishments. In particular, the cards of the Chinese payment system Union Pay, issued by Russian banks included in the sanctions lists, stopped working abroad, and last summer, the financial organizations of Russia faces a ban on making transfers in yuan to Europe and the United States through the Bank. of China.
We remind you that the EU authorities expect to use the 13th package of sanctions against Russia by February 24. A new package of sanctions against Russia must be approved before February 24, the second anniversary of Russia’s invasion of Ukraine.
It was earlier reported that the 13th package of sanctions may be the weakest of all adopted.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.