Yesterday at 19:50
China’s three biggest banks, Industrial and Commercial Bank of China (ICBC), China Construction Bank, and Bank of China have stopped accepting payments from Russian financial organisations due to the EU’s 12th sanctions package against Russia.
This was reported by multiple Russian media.
All payments received from banks that faced the sanctions are rejected by ICBC and CCB. Use of Russian SPFS or the Chinese CIPS instead of SWIFT does not work, says the source of the publication in the Russian bank. Chinese credit organisations explain the situation in terms of internal company policies.
Russia complains “this is becoming a significant problem, given that almost 40% of Russian payments go to China and Turkey.”
Turkey suspended processing payments and terminated relationships with nearly all Russian counterparts due to the secondary santions implemented by the US nearly 2 months ago. The Kremlin mentioned this issue as “unprecedented, blatant and aggressive US pressure on Turkey” and promised Moscow and Ankara were looking for a solution.
In December, Washington threatened to block foreign banks that conduct business with firms that support Russia’s defense industry from its financial system.
Russia has been significantly dependent on China since the isolation, following its full-scale invasion to Ukraine.
Read also: 13th package of sanctions against Russia approved ahead of February 24
