China’s major banks have stopped accepting payments from Russia in yuan. Their clients began to receive corresponding notifications, Alexey Poroshin, director of the companies of the First Group, told Izvestia.
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Ping An Bank and Bank of Ningbo, China Guangfa Bank, Kunshan Rural Commercial Bank, Great Wall West China Bank, Shenzhen Rural Commercial Bank, Dongguan Rural Commercial Bank and China Zheshang Bank stopped accepting yuan.
Restrictions were also imposed by DBS Bank, Great Wall West China Bank, China Zheshang Bank and several international capital banks.
According to the publication’s interlocutor, the new restrictions are related to concerns about the possible introduction of secondary sanctions and pressure from the United States.
Anderida Financial Group founder Alexey Tarapovsky mentioned several ways to continue payments:
— through a Russian bank, whose payments are still accepted in China;
— opening a branch of the company in China or another friendly country;
– through Hong Kong partners.
At the beginning of 2023, the most popular currency among Russian businessmen was the Chinese yuan: about 70% of transfers of the total number of payments are sent to them.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
