Chinese banks return payments for goods already delivered to the Russian Federation

According to Vedomosti, the situation is becoming more widespread. The problem was confirmed by law firms FTL Advisers and SinoRuss, as well as by the Nordic Star law firm and the Blank investment bank.

According to one businessman, he had to wait about three months to receive a payment in yuan from a large Chinese bank. While the transaction was in progress, he cleared the goods through Russian customs and received them. After that, the funds were suddenly returned.

As another source told the paper, a supplier from China reported problems receiving payment and returned the money.

Nordic Star Managing Partner Andrey Gusev confirmed that such incidents do occur, but they are not widespread. Importers cite incorrect details, inconsistent data in documents, violation of currency control rules, fear of sanctions, etc. as reasons.

RM Logistics’ commercial director Evgeniy Ferenets also confirms the problem and adds that it is becoming more serious.

Since July, there have been difficulties in Russian-Chinese trade relations. First, major Chinese banks began to divide the yuan into “clean” and “dirty” ones. The latter is associated with Russia and credit institutions do not want to work with it.

Partners then switched to paying through small regional banks in the country, but restrictions soon appeared on them as well.

Later in August, suppliers from China refused to supply products directly to Russia and instead used shipments via third countries.