Chouzhou Commercial Bank, a leading Chinese financial institution, has suspended all operations with Russia and Belarus, impacting the main financial channel for Russian importers working with China. The suspension includes transactions through the Russian equivalent of SWIFT (SPFS) and the Chinese CIPS. The Kremlin has acknowledged difficulties faced by Russian companies with Chinese banks. Additionally, Russian banks have been circumventing sanctions by exchanging cash dollars and euros for gold in Turkey and the UAE. This development highlights the effectiveness of the US's new round of secondary sanctions on foreign banks.
"The Kremlin this week acknowledged that Russian cos were having problems w/Chinese banks after local media reported a major lender in #China had blocked payment settlements w/Russian firms" https://t.co/I5I6oZGCu1
This is a great illustration of the effectiveness of the US's new round of secondary sanctions on foreign banks. Chouzhou Commercial Bank, a key bank for Russian importers working with China, is ending all operations in Russia and Belarus. https://t.co/NxVPo3vt5D
Major Chinese bank halts all settlements with Russia – Vedomosti https://t.co/gKVYb0pCrZ
American media: Russian bear takes control... 20 countries have adopted the Russian payment system to get rid of the US dollar. https://t.co/YM3Dw8eX6F
NEW: Russia admits ‘problems’ with China payments https://t.co/uxbAa4zAxt
Russian banks exchanged cash dollars and euros for gold to circumvent sanctions Russian banks circumvented the ban on importing dollars and euros into the country by exchanging cash currency for gold in Turkey and the United Arab Emirates (UAE), Bloomberg reports citing a report… https://t.co/IcZolzmz5M
The Kremlin has acknowledged that Russian companies were having problems with Chinese banks after local media reported a major Chinese lender had blocked payment settlements with Russian firms. #China #Russia https://t.co/CS3imUH87t
More news regarding the Russian troubles with imports from China. Some Chinese banks have started canceling transactions with Russian entities and it doesn't matter if the transactions used the Russian or Chinese equivalent of SWIFT. https://t.co/t8v3TfDKE6
⚡️ Leading Chinese bank halts operations in Russia, Belarus. https://t.co/3ZN2REKdjR
China’s Chouzhou Commercial Bank, heretofore the main settlement bank for Russian importers working with China, has suspended operations with Russia. https://t.co/zsnUF9BLyv
🇨🇳🇷🇺Friendship with no limits... The Chinese Chouzhou Commercial Bank suspended transactions with Russia both via the Russian equivalent of SWIFT (SPFS) and the Chinese CIPS. This was the main financial tool for Russian importers working with China. https://t.co/1pljwcOiYJ