Almost all Chinese banks, even small regional ones, are refusing to accept direct transactions from Russia, business execs have told Russian media.

The impact of the West’s sanctions just seems to be getting worse and worse for Russia.

Now, 98% of Chinese banks — even small regional ones — are refusing to accept direct Chinese payment transfers from Russia, Alexey Razumovsky, the commercial director of the payments company Impaya Rus, told the pro-Kremlin media outlet Izvestia.

Such issues appear to have intensified over the past three weeks, as smaller Chinese financial companies were still processing Russian payments in May and June, Izvestia reported.

Last month, the Russian outlet Kommersant reported that about 80% of bank transfers made in the Chinese yuan were bouncing back with no explanation after being stalled for weeks while banks decided whether they could transact.

Razumovsky told Izvestia the payment challenges with Chinese banks could contribute to supply-chain difficulties and inflation in Russia.

  • @vxxEnglish
    11•4 months ago

    Maybe I shouldn’t have said that, since there obviously isn’t an official source on it, just some YouTube channels reporting about China that claim it.

    Well. They’re claiming it for two years already, but this time seems different.

    So it’s not to be taken seriously and is just a gut feeling fueled by the YouTube algorhythms and news like this post.

    I suppose time will tell.