Bank of China restricts transfers in yuan to the EU and the USA for clients of Russian banks
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Since June 13, Bank of China has limited transfers in yuan to banks in the EU, the USA, Switzerland and the UK for clients of Russian banks. Transfers can only be made to beneficiary banks of the Bank of China group.
Restrictions on the transfer of funds in yuan were reported by several Russian banks, including Unicredit And Akibank.
The press service of Unicredit Bank recommended sending payments in yuan to the EU, USA, Switzerland and the UK through a nostro account opened with ICBC Bank (the Russian subsidiary of Bank of China).
According to the publication Frank Media, this week, in profile chats, clients of Russian banks wrote that they could not transfer yuan to the EU and the USA through credit institutions that have accounts with the Russian “daughter” of Bank of China. At the same time, some clients wrote that their banks had reconfigured transfers through other Chinese organizations.
Bank of China has been operating in Russia since 1993. As of February 1, 2022, the amount of assets of a subsidiary in the Russian Federation amounted to 65 billion rubles. Bank of China counts a reference settlement organization for enterprises and government agencies in China.
The news is being added.
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