major banks in China have stopped accepting payments in yuan from the Russian Federation – Kommersant

Large Chinese banks have stopped accepting payments from Russia in yuan, clients of these financial organizations have begun to receive such notifications, he said “Izvestia” Head of the First Group companies Alexey Poroshin.

These banks include Ping An Bank and Bank of Ningbo, which rank 13th and 15th in terms of capitalization in China, as well as China Guangfa Bank, Kunshan Rural Commercial Bank, Great Wall West China Bank, Shenzhen Rural Commercial Bank, Dongguan Rural Commercial Bank and China Zheshang Bank.

Chinese banks with international participation, such as branches of CitiBank, Standard Chartered Bank, HSBC, JP Morgan, BNP Paribas, Deutsche Bank and Mizuho Bank, also refuse to accept payments in yuan, Mr. Poroshin noted. However, two sources of the newspaper in the financial market reported that these banks have stopped processing payments from clients from the Russian Federation since 2022.

Izvestia’s source in one of the Russian banks said that his organization still carries out settlements with Chinese banks, in addition to the listed organizations. For this, the SWIFT system and its Russian analogue SPFS are used.

Bloomberg previously reportedthat in January Chinese state banks tightened their work with clients from Russia. At the same time, as Alexey Tarapovsky, founder of Anderida Financial Group, noted in an interview with Izvestia, many Chinese financial institutions still make payments in rubles and yuan, including through the Bank of China. He called the current trends logical, since many large banks in China have branches in the United States.

Why the growth of China’s trade with Russia did not compensate for its losses in the global market – in the Kommersant material “Turn with the East”.