Immediately, several Chinese banks stopped accepting payments in yuan from Russia and began to return such transactions to customers. The new restrictions are due to concerns about the possible introduction of secondary sanctions and pressure from the United States.
“Izvestia” writes about this referring to interviewers who represent business and the payment market.
In particular, the general director of JSC “Pervaya Gruppa” Oleksiy Poroshyn talked about it and the commercial director of the company “Impaya Rus” Oleksiy Razumovskyi confirmed this.
Other newspaper interviewers said that Chinese banks have not publicly informed Russian customers about their refusal to accept payments in yuan, but Russian businessmen have alternative ways to make payments.
According to Poroshyn, among those who refused to accept payments in yuan are Ping An Bank, Bank of Ningbo, China Guangfa Bank, Kunshan Rural Commercial Bank, Great Wall West China Bank, Shenzhen Rural Commercial Bank, Dongguan Rural Commercial Bank and China Zheshang Bank.
The publication’s interviewer in the Russian banking sector said that these banks stopped accepting payments in mid-January. The new restrictions on the part of the listed players are caused by fears about the possible introduction of secondary sanctions and pressure from the US, said an interviewer among Russian bankers.
Oleksiy Razumovskyi, the commercial director of Impaya Rus, noted that it is about transactions in yuan. Another interviewer at a Russian bank confirmed that Ping An Bank and Bank of Ningbo began returning yuan payments from Russia in mid-January.
Oleg Abelev, head of the analytical department of IC “Rikov-Trust”, said that some banks notified their clients that they were temporarily ceasing transactions in yuan with Russia, but did not publish this information.
Chinese banks with international participation do not accept payments in yuan either, Poroshyn added. These are branches of CitiBank, Standard Chartered Bank, HSBC, JP Morgan, BNP Paribas, Deutsche Bank and Mizuho Bank. They stopped conducting transactions with clients from Russia immediately after the introduction of sanctions, two sources in the banking market said.
The refusal to accept payments in yuan from Russia will make it difficult for Russian companies to make payments, said Oleksiy Tarapovskyi, founder of Anderida Financial Group.
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