North Korea ready to send 100,000 troops to support Russia’s war in Ukraine
3 hours ago
The Bank of China, ranked fourth in terms of assets in China, has started blocking more transfers in yuan from countries that, according to the bank's compliance service, may be linked to supplies to Russia, RBC business portal reports citing business representatives, lawyers and consultants specialising in trade with China.
As followed by bne IntelliNews, the US has stepped up the pressure of secondary sanctions on the banking systems of Russian main trading partners, which has influenced the trade dynamics in 2024, including trade with China and Turkey.
Recent reports claimed that up to 80% of cross-border settlements between Russia and China are now reportedly carried out by specialised intermediaries and payment agents, while companies involved in Russo-Sino trade are also reportedly turning to black market currency brokers and small banks along China's border with Russia.
Reportedly, the Bank of China acting as a correspondent bank blocked such transactions when a UAE company was transferring yuan from Kazakhstan Bank CenterCredit to Chinese Chouzhou Commercial bank, while neither the director nor the founder of the paying company had formal ties with Russia.
Complications of transfers for a number of banks from Georgia and Armenia were also reported.
In February this year, Bank Chouzhou notified its clients about stopping operations with Russia and Belarus via SWIFT, the Russian SPFS and the Chinese CIPS system.
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