Several of China's largest banks have stopped accepting payments from Russia
Kyiv • UNN
Three of China's largest banks have stopped accepting payments from sanctioned Russian banks due to fears of secondary US sanctions.
Payments from Russian sanctioned banks are no longer accepted by the three largest banks in China: Industrial and Commercial Bank of China (ICBC), China Construction Bank and Bank of China.
This is reported by UNN with reference to the Russian media.
Details
Alexey Poroshin, CEO of First Group, said that Chinese banks, which rank first, second and fourth in terms of assets in the country, have imposed restrictions on payments from Russian sanctioned financial organizations.
Since the beginning of January 2024, Industrial and Commercial Bank of China (ICBC) and China Construction Bank and Bank of China have notified Russian clients that they will no longer accept payments.
The prerequisites for the decision emerged in the second half of December 2023, when the 12th package of sanctions against Russia came into force. Chinese and Middle Eastern credit institutions do not want to deal with secondary US sanctions in cases of interaction with sanctioned banks and companies from the invading country.
Recall
The United States is considering imposing sanctions on Chinese companies that are helping Russia in the war in Ukraine. The restrictions would be the first direct sanctions against Beijingdespite long-standing Western suspicions of its support for Russia's military operations.
China called for respect for the territorial integrity of and a peaceful settlement of the war in Ukraine.
