Three Chinese banks stopped accepting payments from sanctioned financial institutions of the Russian Federation
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Chinese banks Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB) and Bank of China have stopped accepting payments from Russian sanctioned financial organizations. About it “Izvestia” said General Director of the First Group Alexey Poroshin and commercial director of the Impaya Rus company Alexey Razumovsky.
ICBC, CCB and Bank of China rank first, second and fourth in terms of assets in China. Banks notified Russian clients that they would stop accepting payments from the beginning of January 2024. Operations with non-sanctioned credit institutions continue, the publication’s interlocutors noted.
According to Izvestia’s source in a Russian bank, ICBC and CCB reject all payments received from Russian sanctioned financial institutions, regardless of the system through which they go – European SWIFT, Russian SPFS or Chinese CIPS. Chinese banks explain their decision by the internal policies of credit institutions.
Industrial and Commercial Bank of China, Bank of China, China Construction Bank and Agricultural Bank of China last year became the main creditors of Russian banks in China. How wrote Financial Times, from the beginning of the special operation to September 2023, China’s share in the Russian banking sector has quadrupled.
How Russian banks lend in Chinese currency – in the Kommersant material “The yuan is getting shorter”.
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