Russian companies and officials for a few months have pointed to delays in transactions after Chinese banks tightened compliance following Western threats of secondary sanctions for dealing with Russia. Sources say the problem has intensified this month.
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Chinese state banks are shutting down transactions with Russia “en masse” and billions of yuan worth of payments are held up, a source close to the government, who spoke on condition of anonymity, told Reuters. One working solution was to buy gold, move it to Hong Kong and sell it there, depositing cash in a local bank account, the person said.
“However, the truly partnership spirit of our relations allows us to discuss and resolve current issues constructively,” he said. “Normal trade between China and Russia is consistent with WTO rules and market principles, is not directed against third parties and is not subject to interference or coercion by third parties,” a Chinese foreign ministry spokesman told Reuters.
“Imports will decrease in 2024 due to the strengthening of sanctions barriers related to payments and logistics,” the central bank said, although it predicted that the situation would improve in the medium term, according to draft monetary policy guidelines published on Aug. 29.After Russian President Vladimir Putin’s visit to China in May, some local Chinese banks without a global business stepped in to handle bilateral payments. They would be out of the reach of Western sanctions enforcers.
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