Almost all Chinese banks, even small regional ones, are refusing to accept direct transactions from Russia, business execs have told Russian media.

The impact of the West’s sanctions just seems to be getting worse and worse for Russia.

Now, 98% of Chinese banks — even small regional ones — are refusing to accept direct Chinese payment transfers from Russia, Alexey Razumovsky, the commercial director of the payments company Impaya Rus, told the pro-Kremlin media outlet Izvestia.

Such issues appear to have intensified over the past three weeks, as smaller Chinese financial companies were still processing Russian payments in May and June, Izvestia reported.

Last month, the Russian outlet Kommersant reported that about 80% of bank transfers made in the Chinese yuan were bouncing back with no explanation after being stalled for weeks while banks decided whether they could transact.

Razumovsky told Izvestia the payment challenges with Chinese banks could contribute to supply-chain difficulties and inflation in Russia.

  • LustyArgonian@lemmy.worldEnglish
    282·
    4 months ago

    Yeah China was staunchly neutral about this war and I suspected was subtly making it worse/prolonging it to keep the west distracted, wasting money, and divided while they put pressure on Taiwan and other interests.

    But this is weird. I hope they aren’t doing this to keep funds in the country for their own eminent war.

    • frezikEnglish
      241·
      4 months ago

      Maybe China just got sick of Russian checks bouncing. They weren’t helping Russia because they like each other.

      • LustyArgonian@lemmy.worldEnglish
        7·
        4 months ago

        Well they do kinda “like” each other in that they rely on each other. They make trades with each other and their economies rely on each other. That will affect China. These are the types of reasons we are helping Ukraine, its not like we “liked” them or that geopolitics is ever based on “liking” per se. Anyway, it’s super weird.