New difficulties in trade between China and Russia

Small regional Chinese banks, through which Russian businesses began to conduct their settlements in May due to US sanctions, stopped accepting payments from the Russian Federation in July, Izvestia writes, citing business representatives.
Currently, direct transactions in yuan are not processed by 98% of Chinese banks, which may cause problems with the supply of goods to the Russian Federation and increase prices in the future.
In this regard, the demand for payment agents who conduct transactions through third countries has increased several times. Operations have also begun to be conducted through Hong Kong banks, but they are gradually abandoning their ties with the Russian Federation. Another option is payments through a branch of a Russian credit institution in China at an inflated rate – VTB and Alfa have entered China. But many Chinese companies refuse to accept money from them.