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US Sanctions Causing Disruption in Russian Payments to China

March 21, 2024 (EIRNS)—Two more Chinese banks, Ping An Bank and Bank of Ningbo, have refused to accept payment in yuan from Russian companies. Both banks have extensive operations in the U.S. and are afraid of being hit by secondary sanctions targeting Russia. A number of other banks find themselves in the same situation: China Guangfa Bank, Kunshan Rural Commercial Bank, Great Wall West China Bank, Shenzhen Rural Commercial Bank, Dongguan Rural Commercial Bank, and China Zheshang Bank. This in addition to the affiliates of all the major international banks.

Reports say that there are alternatives to making payments to avoid these restrictions. Previously, it was reported that many Chinese financial institutions had stopped accepting dollar payments from the Russian Federation and that there were delays in settlements, but transactions in national currencies were still then active. Now these is also at risk.

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