28.02.2024, 15:44
China named the reason for the failures in settlements with Russia
Source: OREANDA-NEWS
OREANDA-NEWS Third countries prevented bilateral settlements between Russia and China. The reason for the failures was named by Chinese Ambassador to Moscow Zhang Hanhui, as quoted by RIA Novosti.
"The failures occurred due to the fact that some countries are creating problems for us. But I believe that we will find a way to overcome these problems," he explained.
The share of the yuan in settlements between the countries has already exceeded 90 percent and will continue to grow: the use of national currencies simplifies contacts between entrepreneurs of the two countries, the diplomat added.
Since the beginning of 2024, three of the four largest banks in China have stopped accepting payments from Russian sub-sanctioned credit institutions. The restrictions were imposed by Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB) and Bank of China.
According to sources in Russian credit institutions, payments are rejected regardless of which system they go through — the European SWIFT, the Russian SPFS or the Chinese CIPS.
China's state-owned banks have begun reviewing their policy of working with clients from Russia and are tightening restrictions after new demands from the United States. Some Chinese banks have begun to refund payments from Russia amid concerns about secondary Western sanctions.
"The failures occurred due to the fact that some countries are creating problems for us. But I believe that we will find a way to overcome these problems," he explained.
The share of the yuan in settlements between the countries has already exceeded 90 percent and will continue to grow: the use of national currencies simplifies contacts between entrepreneurs of the two countries, the diplomat added.
Since the beginning of 2024, three of the four largest banks in China have stopped accepting payments from Russian sub-sanctioned credit institutions. The restrictions were imposed by Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB) and Bank of China.
According to sources in Russian credit institutions, payments are rejected regardless of which system they go through — the European SWIFT, the Russian SPFS or the Chinese CIPS.
China's state-owned banks have begun reviewing their policy of working with clients from Russia and are tightening restrictions after new demands from the United States. Some Chinese banks have begun to refund payments from Russia amid concerns about secondary Western sanctions.
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