Great Chinese banks stopped servicing payments from the Russian Federation in Yuani

According to experts, if at the end of last year the restriction of Chinese banks on transactions from the Russian Federation only concerned payments of finished products, then payments are not currently missed, for example, for components for electronics collection. On Wednesday, April 17, it became known that four more major banks of the PRC stopped making payments from Russia in Yuan. This was reported by the Russian edition of Izvestia.

According to experts of the banking sector, the situation with payments from the Russian Federation deteriorated in March this year, when about 80% of payments were returned. The current situation with Russian payments was confirmed by the CEO of the Chamber of Commerce and Industry of the Russian Federation Alexei Egarmin, who named four more banks that refused to cooperate with Russia.

Among the banks, which stopped taking transactions from Russian financial institutions, the largest ICBC in China, as well as China Citic Bank, Industrial Bank and Bank of Taizhou. Although China has not officially joined the sanctions restrictions on Russia, the Chinese financial sector has significantly limited working with Russian sub -clients.

Small banks continue to operate with Russia, however, according to experts, and they are already starting to operate on the example of large China's banking sector operators. The most difficult position with products for the Russian industry, so the supply of equipment to the Russian Federation has already been complicated in April, although for ordinary consumer products China can still miss.

The new restrictions of the Russians explain the risk of falling under the secondary sanctions of the United States, so the financiers of the aggressor state try to rebuild their operating processes through third countries and payment agents. For example, first there is a ruble transaction to a friendly country, and then not related to the Russian Federation, the company transfers funds to the Chinese bank.

Recall that China banks began to block payments from Russia in early April, although problems with transactions were observed in December. And if at the end of the year they concerned only payments of finished products, then payments are not currently missed, for example, for components for electronics collection. Therefore, Russian manufacturers expect considerable difficulties and delayed production.