Chinese Banks Halt Yuan Payments from Russia

Yuan payments from Russia have been suspended by several Chinese banks. Previously, transactions were successfully completed in both rubles and yuan. The reason behind this move is the tightening of sanctions against the Russian Federation.

Ping An Bank and Bank of Ningbo, ranked 13th and 15th respectively in terms of capitalization, have stopped accepting the Chinese currency from Russia, sources from the business and payment sectors informed Izvestia.

Other Chinese banks that have implemented similar restrictions include DBS Bank, Great Wall West China Bank, China Zheshang Bank, and several organizations with international capital participation. However, experts believe that payments between the countries will not cease, as alternatives are available.

The newly listed restrictions are attributed to concerns over the potential imposition of secondary sanctions and pressure from the United States, according to an Izvestia source.