The Russian subsidiary of the Chinese Bank of China suspends its operations with Russian banks on the US SDN list since June 24 due to sanctions. Work with other credit institutions will continue, writes Kommersant.
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In the Russian market, the Bank of China ranks second in terms of assets among subsidiaries of Chinese banks – 592.4 billion rubles at the end of the first quarter of 2024.
According to financial experts, the subsidiary’s decision is not very good news, since it will now increase the payment processing time and its cost.
The problem is also that more and more transactions go through intermediaries, which makes them less transparent. This, in turn, leads to the fact that the State has less control over transfers and increases the risk of fraud.
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.
