Russian companies with business interests in China are reporting significant payment bottlenecks amid revelations that at least nine Chinese banks have stopped processing transactions from Russia, including those made in yuan.Russia's Izvestia newspaper reported on Thursday that an 'immediate' suspension—notified to clients but not made known to the wider public—had been affecting cross-border settlements since at least mid-January.
As of this week, the Chinese banking firms that had stopped accepting yuan payments from Russia included Ping An Bank, Bank of Ningbo, the Chinese subsidiary DBS Bank, Great Wall West China Bank, China Zheshang Bank, China Guangfa Bank, Kunshan Rural Commercial Bank, Shenzhen Rural Commercial Bank, and Dongguan Rural Commercial Bank, according to Izvestia, citing sources in Russia's banking sector.
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