Since the end of March 2024, Chinese banks began blocking payments from Russian companies for components for the assembly of electronic products. The first difficulties appeared in December and mainly affected finished products. Now there are problems with server components, data storage systems and laptops, Kommersant has learned.

Chinese banks began blocking payments for components for the assembly of electronic products


According to the publication’s source, payment is blocked even for those companies that have entered into long-term contracts for the production and supply of components for electronic assembly with Russian customers.

Experts point out that China is actually a monopolistic supplier, so domestic companies may experience difficulties and delays in production.

In January, Bloomberg wrote that after the United States threatened Chinese banks with sanctions if they detected cooperation with Russia, they tightened control over operations.

In March, 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 payments from Russia in yuan. Their clients started receiving notifications accordingly.

Restrictions were also introduced by DBS Bank, Great Wall West China Bank, China Zheshang Bank and several international capital banks.

Then the founder of Anderida Financial Group, Alexey Tarapovsky, named 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.


Karina Pardaeva

Source: RB

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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.


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