China’s largest banks have stopped accepting payments from the Russian Federation
22.02.2024 - 11:55
More and more former “partners” of Russia are joining the financial isolation of the aggressor country.
Three of the four largest Chinese banks have stopped accepting payments from Russian sanctioned credit institutions since the beginning of 2024. This is reported by the “Moscow Times”.
We are talking about financial institutions Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB) and Bank of China.
This decision was made against the background of increased control by the US over compliance with sanctions against the Russian Federation. Chinese banks began rejecting all transfers from sanctioned financial institutions, despite the payment system.
Turkish banks have also strengthened their policies towards Russian clients. Yes, some Russian oil exporters have not received money from Turkey for sold barrels for some time. It is worth noting that almost 40% of Russian payments are directed to China and Turkey.
At the end of last week, it became known that the banks of the UAE also began to close the accounts of Russians and stopped accepting money from the Russian Federation.
