The Chinese state-owned company Sinosure is increasingly refusing to insure exports to Russia.

According to them, Sinosure incurs internal policies by refusing to insure some products that are not even subject to sanctions.

Sinosure’s operating scheme allows foreign importers to negotiate deferred payments with Chinese suppliers, with insurance covering between 90% and 95% of the delivery amount. However, several Russian companies have reported that their limits have been reset and blacklisted, making it difficult to secure supply.

Difficulties with insurance through Sinosure especially affect the energy, mechanical and chemical industries, says Andrey Gusev, managing partner of the Nordic Star law firm. According to him, refusals carry risks of secondary sanctions and possible reputational costs for Sinosure in the international arena.

Andrey Chuprov, head of the Shanghai office of transport and logistics company Holding-Finance Broker, added that problems with access to insurance and export credit financing could significantly reduce the volume of trade between Russia and China. He noted that domestic businesses have already exhausted most unauthorized alternative payment methods, such as barter and the use of cryptocurrencies.

Tatyana Safonova, Senior Partner at O2Consulting, expressed confidence that Russia and China continue to have business prospects, especially in the area of ​​​​digital financial asset (DFA) agreements, although the transition to such instruments remains difficult for small and medium-sized companies. companies.

According to Nikolai Ivanov, Deputy CEO of Expert RA, the use of digital financial services and cryptocurrencies for mass settlements is unlikely in the near future, as they require significant changes to the financial infrastructure. He expects payments through intermediaries and factoring to partially replace direct payments.

Meanwhile, large payment processors are working to create reliable financial channels, notes Anastasia Sorokina, head of foreign economic activity at Blank Bank. He stressed that the development of trade relations is beneficial for both countries and that in the future the volume of trade between Russia and China may increase.

In September, some Chinese banks introduced territorial restrictions on opening accounts for local suppliers working with Russian importers.