Due to the risk of secondary sanctions: one of the largest banks in China, Bank of China, stops working with Russian banks

The subsidiary of the Chinese Bank of China in Russia suspends operations with Russian banks included in the list of sanctioned entities.

Writes UNN with reference to Russia.

Details

The subsidiary of the Chinese Bank of China in the Russian Federation, Bank of China, will suspend operations with Russian banks included in the SDN list of the United States from June 24 (sub-sanctioned persons and organizations – ed.). According to comments from sources in the Chinese bank, the decision is due to concerns about secondary sanctions.

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Since June 24, Bank of China has stopped processing payments in yuan from Russian banks located on the SDN List of the United States; the bank will continue to work with non-sanctioned credit institutions.

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