Bank payments are being refused

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Chinese banks are increasingly not accepting international payments from Russian banks. This primarily concerns transfers from banks that have fallen under sanctions, payments for sanctioned goods and dual-use goods.

blocking payment for goods from China

Only a small part of the Russian banks that were subject to sanctions



For example, in February, three large Chinese banks — Bank of China, ICBC, CCB — openly announced that they would stop accepting payments from Russian banks. Moreover, the blocking affected all payment denmark whatsapp number data systems at once — SWIFT, SPFS, CIPS. Payments were frozen for several months: they left the Russian Federation, but did not reach Chinese suppliers. Returning a “frozen” transfer is long and difficult.

Small regional banks continued cooperation with Russians. But even here problems began - long delays in crediting payments on the side of Chinese banks. The situation is banal: regional banks simply cannot cope with financial flows coming from Russia.

The bank in China that handles most payments from Russia is VTB Shanghai. It is the only full-fledged branch of a Russian bank in China. But the bank is under enormous strain, and failures are not uncommon. Chinese suppliers are willing to work through VTB Shanghai, but it takes 3-6 months to open an account.



Blocking of business when paying for goods from China

In chats, entrepreneurs share their “pains” with colleagues