Bank of China said it continues to accept payments from Russia

Izvestia previously reported that payments from Russian sanctioned banks are no longer accepted by the three largest banks in CHINA , including Bank of China . Bank of China denied the information

One of the largest banks in China, Bank of China, still accepts payments from Russian companies in both rubles and yuan, the bank told RIA Novosti.

“Here in Beijing, we can still accept payments in rubles,” said a bank employee.

Earlier, Alexey, CEO of First Group Management Company, told Izvestia that payments from Russian sanctioned banks are no longer accepted by the three largest banks in China - Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB) and Bank of China. Poroshin and commercial DIRECTOR of the Impaya Rus company Alexey Razumovsky, as well as a source close to a large business association.

These banks rank first, second and fourth, respectively, in terms of assets in China. Operations with Russian banks that are not subject to sanctions are still ongoing, Izvestia noted. The newspaper's source noted that the restrictions were introduced until the beginning of 2024 .

The US-China trade balance is significantly higher than the same indicator between RUSSIA and China, and therefore banks and state corporations refuse risky transactions, Poroshin explained. The greatest difficulties when making payments with China are through the SWIFT system, but difficulties also arise with Chinese and Russian counterparts, added Ilya Ivaninsky, expert partner at Yakov and Partners, director of the Center for Business Education and Analytics at Central University.

Back in mid-January, BLOOMBERG wrote about Chinese state-owned banks tightening restrictions on working with Russian clients. According to the agency, at least two banks have begun checking their Russian partners, planning to sever relations with those who cooperate with the Russian military-industrial complex or help sanctioned persons.

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Difficulties with accepting payments from Russia previously also arose in Turkey and the UAE. In all cases, this was associated with the risk of secondary sanctions from the United States - President Joe Biden on December 22 signed a decree on measures against foreign banks and other financial institutions involved in transactions related to supplies for the Russian defense industry. The document states that the Secretary of the Treasury, in consultation with the Secretary of State, “is authorized to impose sanctions on a foreign financial institution” upon determining that it facilitates transactions related to the Russian military-industrial complex in the technology, defense, construction, aerospace, and manufacturing industries.

Sanctions include a ban on opening or restricting the use of correspondent accounts in the United States and blocking of property in the United States. “We expect financial institutions to make every effort to ensure that they are not knowing or unwitting facilitators of circumvention and evasion [of sanctions],” Treasury Secretary Janet Yellen said.

Russian authorities call international sanctions illegitimate and demand their lifting. The Kremlin noted that Russia has options for circumventing Western restrictions.