Russia and China have found a workaround for payments as US sanctions expand, according to sources, Reuters reports. The sanctions, which recently targeted the only Russian bank branch in China, have narrowed trade options between the two countries. However, President Vladimir Putin's visit to China last month has helped ensure there are payment alternatives. Intermediaries for payments to China have increased their charges to Russian companies from 3-6% to 10% of the invoiced amount since the start of the year. China's yuan is expected to take over as Russia's main trade currency as US sanctions tighten. China opposes unilateral sanctions and maintains its right to normal trade and economic ties with Russia based on equality and mutual benefit.
China's yuan will take over as Russia's main trade currency 'once and for all' as US sanctions get tighter, think tank says https://t.co/MZipiVAfXp
China always firmly stands with the Group of 77 in safeguarding international fairness and justice, and in defending and expanding the common interest of developing countries and countries around the world, a Chinese foreign ministry spokesperson said https://t.co/LSrhexbAk8 https://t.co/ekI252Kf3W
⚡️ Russia, China found workarounds for payments despite sanctions, Reuters reports. https://t.co/vX0ic7Ztob
China firmly opposes unilateral sanctions that have no basis in international law. It is China’s lawful right to have normal trade&economic ties with Russia on the basis of equality&mutual benefit. Such cooperation shall not be disrupted or undermined by other parties.
Russia-China trade options have narrowed since the U.S. imposed sanctions last week on the only Russian bank branch in China, but President Vladimir Putin's visit to China last month has helped ensure there are payment alternatives, for now. https://t.co/lbSl2RAGYW
An interesting point that this piece brings up is that intermediaries for payments to China have started charging Russian companies 10% of the invoiced amount when at the start of the year the rate was 3-6% and payments remain difficult. https://t.co/iPQCmCIoPn
Russia, China find payments workaround as US sanctions net widens - Reuters
#Russia, #China find payments workaround as US sanctions net widens, sources say https://t.co/9kLu5kAvRj
Russia, China find payments workaround as US sanctions net widens, sources say https://t.co/xG4KeGg2IT
Russia, China find payments workaround as US sanctions net widens, sources say https://t.co/UFr0y3WGg6 via @Reuters