Chinese banks have begun to refuse to cooperate with Russian credit organizations that have been subject to new US sanctions.
This is reported by The Moscow Times.
First Group CEO Alexei Poroshin said that most Chinese banks have already stopped cooperating with their organization. Alexey Razumovsky, Commercial Director of Impaya Rus, said that a number of financial institutions, including Bank of China, have blocked payments from the accounts of sanctioned Russian organizations Bank of Kunlun, which was widely used by Russian importers to pay for goods, also sent out notices to its customers that it would no longer accept payments from sanctioned entities.
These actions create significant difficulties for Russian companies that have relied on Chinese banks for financial transactions amid international restrictions