In the first eight months of 2024, the share of Chinese banks in cross-border payments made by sellers on Russian markets decreased by 16.7 percentage points to 51.1% year-on-year. This is reported by Kommersant based on a study by Modulbank and the business development center PRO Wildberries.
Author:
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Fearing secondary sanctions from Western countries, Chinese credit institutions have increased the deadline for verifying payments from Russia, the study’s authors note.
Initially, the restrictions concerned products made in China that required US licenses (mainly electronics and equipment for the oil and gas industry), Kommersant noted.
Now it has become difficult to make cross-border payments for the purchase of consumer goods in China, Khabarovsk individual entrepreneur Maxim Silin told the newspaper. He noted that many sellers in the Far East depend on Chinese supplies.
“Bring wholesale products from Hanhe to Blagoveshchensk [ближайший китайский город к границе России] It can be done in a couple of hours, but it takes Chinese banks almost two weeks to transfer the advance payment to the owner of the product,” says local seller Konstantin Kirsanov.
So far, difficulties with cross-border payments between Russia and China “do not critically affect the overall situation,” Kommersant comments from large Russian markets.
Author:
Bogdan Muzychenko
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.
