Chinese banks are getting cold feet dealing with Russia – By Huileng Tan (Business Insider) / Feb 8, 2024
- One key Chinese bank used by Russian importers for transactions has halted all transactions with Russian firms, per Vedomosti.
- Chinese lenders have stepped up compliance checks following US secondary sanctions over Russia’s invasion of Ukraine.
- The Kremlin has acknowledged the issues and said it’s working with Beijing to solve them.
China’s banks appear to be having cold feet about dealing with Russian firms.
One key Chinese bank — Zhejiang Chouzhou Commercial Bank — used by Russian importers has halted all transactions, Vedomosti, a Russian business media outlet, reported on Wednesday, citing three businessmen who were affected.
Bank clients were informed of the move last week, according to Vedomosti.
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