China firms go 'underground' on Russia payments as banks pull back
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Chinese companies are facing difficulties in shipping products to Russia due to China's big banks throttling payments for such transactions out of concern over US sanctions. Some Chinese exporters are turning to small banks on the border and underground financing channels, such as money brokers and even banned cryptocurrency, to settle payments. Chinese banks have intensified scrutiny of Russia-related transactions or halted business altogether to avoid being targeted by US sanctions. Major Chinese banks have suspended settlements from Russia since March, leading to drops in Russia-related business for some state-owned lenders. Chinese companies are experiencing delays in opening accounts at rural banks along the Russian border, causing bottlenecks in payment collection. Some Chinese exporters have given up on the Russian market due to the difficulties in collecting payments. The situation is posing a growing problem for small Chinese exporters.

#China #Russia #UsSanctions #ChineseBanks #Trade #SmallExporters

https://theedgemalaysia.com/node/709657 

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