Bank of China did not stop accepting payments from Russian companies – Kommersant

One of China’s largest banks, Bank of China, said it still accepts payments from Russian companies in rubles and yuan. Izvestia wrote that three Chinese banks, including Bank of China, stopped accepting payments from sanctioned financial organizations of the Russian Federation.

“Here in Beijing, we can still accept payments in rubles,” a bank employee told RIA Novosti. She clarified that Bank of China also accepts payments in yuan.

“News” writesthat Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB) and Bank of China have notified Russian clients that they will stop accepting payments from the beginning of January. According to the publication’s source, ICBC and CCB reject all payments received from Russian sanctioned financial organizations, regardless of the system through which they go. At the end of December 2023, US President Joe Biden signed a decree making it easier for the US Treasury to impose restrictions on banks violating sanctions against Russia.

Read about how Russian banks lend in Chinese currency in the Kommersant article. “The yuan is getting shorter”.

Laura Keffer