Direct transfers from Russians are deteriorating, so bank clients have to use the services of intermediaries and add additional commissions to transactions.
It is becoming increasingly difficult for Russian companies to make cross-border payments in Chinese currency. Russian media wrote about it on Monday, July 29.
Currently, about 80% of yuan payments are returned to the Russian Federation.
“Direct transfers are getting worse and worse, so clients have to use intermediaries and pay additional fees during transactions,” the message said.
It added that the risks in cross-border settlements are now recognized by market participants as one of the most acute.
We remind you that one of the largest state-owned banks in China, the Bank of China, stopped cooperating with the Moscow Exchange after it was subjected to US sanctions.
Later it became known that banks in Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan began to refuse to accept funds from Russian companies more often.
The head of the National Bank of Ukraine, Andrei Pyshny, said that the new US sanctions dealt a heavy blow to Russia’s financial infrastructure.
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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.