“The situation is getting worse”: almost all Chinese banks have stopped accepting payments from the Russian Federation

It was previously reported that Moscow and Beijing may switch to barter trade to circumvent sanctions.

Small regional banks of the People’s Republic of China began to refuse to accept payments from Russia . This is reported by The Moscow Times with reference to the general director of JSC “Pervaya Gruppa” Oleksiy Poroshina .

Back in May – June, local credit organizations worked with Russian business and payments were relatively stable, but from July 20, payments were actually suspended.

According to Oleksiy Razumovskyi, commercial director of Impaya Rus, more than 98% of Chinese banks refuse to accept direct transactions from the Russian Federation. This may cause problems with the supply of goods to Russia and an increase in prices.

Experts considered China’s regional banks as a “spare airport” for companies from the Russian Federation. Now Russian business is trying to work through third countries.

Most often, companies from the Russian Federation send payments to the PRC through Hong Kong banks, but some Chinese credit organizations refuse to work with them.

Trade between Russia and China

Earlier, Western specialists reported that it is becoming more and more difficult for Russians to trade with China. Trade with the Asian country has actually turned into an adventure for Russian exporters due to the freezing or delays of direct payments in yuan.

We will also remind you that in June it became known about a “scheme” that allows Russian companies to open accounts of non-residents in banks of the People’s Republic of China.

(C)UNIAN 2024