Since July, most Chinese banks have been considering not accepting money from Russia if payment documents contain Russian names.
The reason is that Chinese banks are afraid of secondary sanctions, so there is a risk of any possible danger.
Banks can suspend the operation even if the name appears in Russian, but is borne by a citizen of another country. In this case, banks ask for reliable data that must be established, related to any person with independent companies.
If transactions are made through a Russian company, Chinese banks reject the payment due to the risk of falling under the permit. The money depends on the account during the check, and according to the regulations, the financial institution has the right to hold them for 40 days and then return them to the buyer.
Ekaterina Kizevich, CEO of Atvira
VTB confirmed that Chinese banks “are cautious when working with payments involving Russian companies due to the risk of secondary sanctions.” [Известия]
Source: Iphones RU
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