Chinese bank Chouzhou Commercial, which serves as an important settlement center for Russian importers, has stopped all transactions with the Russian Federation. The newspaper reports this “Vedomosti”citing financial experts and entrepreneurs.
According to the publication, the suspension of payments affected all interbank payment systems: international SWIFT, Russian SPFS and Chinese CIPS.
“Logistics collapse is almost inevitable,” the article states.
Soon long holidays will begin in China – Chinese New Year, which is celebrated throughout the country for about two weeks in a row (officially from February 10 to 17). As explained in the material, this means that it will be impossible to export goods from the country until at least March, which could lead to many transactions failing.
This is before Alfa Bank reported On strengthening compliance control procedures when making cross-border payments to China.
previously economist said About the consequences of banks in China and Turkey refusing to work with Russia.