Bank of China, the world’s fourth-largest bank, has warned its clients about suspending yuan transfers from Russia to banks in the European Union, Switzerland, the United Kingdom and the United States.
This was told to RBC by representatives of Modulbank and Finam, where Bank of China is a correspondent bank. At the same time, according to Pavel Semenov, Chairman of the Board of Modulbank, it is still possible to make a transfer to banks in the Bank of China’s correspondent network.
“For the rest of the banks, we are working on an alternative route,” said the bank’s head.
Semyonov stressed that the decision to suspend was not made by China, but by the EU and US parties, who are trying to block “alternative channels in the form of the yuan” by threatening secondary sanctions against Chinese banks.
Earlier, Unicredit Bank reported that from June 13, Bank of China (Bank of China’s Russian subsidiary) will stop accepting Chinese yuan payments to recipients served by banks in the EU, Switzerland, the UK and the US, including foreigners. bank branches in these countries.
Pavel Semyonov called yuan transfers to the EU and the US an “exotic phenomenon”: such transactions account for 3% of total Chinese currency transfers. In an interview with RBC, experts said that Russian companies use such transfers to settle foreign economic transactions in the absence of other legal methods.
Also, transfers in yuan, for example, could be used by clients of the brokerage company Interactive Brokers, one of the few brokers in Western countries that still works with Russians, but does not accept payments in rubles.
Author:
Ahmed Sadulayev
Source: RB
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