Chinese banks have stopped accepting payments from Russia

Chinese regional banks have stopped accepting payments from Russia, Russian business representatives said “Izvestia”.

Since May 2024, small Chinese banks have become more actively used by Russian businesses due to the belief that they are less vulnerable to Western sanctions. According to Ekaterina Kizikevich, CEO of Atvira, a company that supplies equipment from China, on July 20, one of the Chinese banks sent a letter about the suspension of settlements.

“Even small regional banks in China have increasingly begun to refuse to accept payments from the Russian Federation, although they worked with Russian businesses in May-June,” said Alexey Poroshin, CEO of JSC “First Group.” Alexey Razumovsky, Commercial Director of Impaya Rus, emphasized that today more than 98 percent of Chinese banks refuse to accept direct transactions from Russia.

Earlier it became known that AvtoVAZ faced difficulties with the supply of spare parts from China. The problems are related to delays in payment terms in mutual settlements with partners.