Three of China’s four largest banks have stopped accepting payments from Russian-sanctioned financial institutions since the beginning of this year. The newspaper writes about this “News”With reference to Alexey Poroshin, General Director of First Group JSC.
In particular, restrictions were imposed by the Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB) and the Bank of China. These organizations rank first, second and fourth in terms of assets in the PRC.
Alexey Razumovsky, commercial director of the Impaya Russian company, told the publication that these banks have been informing their Russian customers that they will stop accepting payments since January.
Alexander Linnikov, Chairman of the Association of Participants of the Payment Services Market “National Payments Council” (“NPC”), noted that leading banks avoid opening accounts for Russian customers, even from “friendly countries”, and stop missing payments.
Experts suggest that this step is due to the fact that Chinese and Middle Eastern credit institutions fear the imposition of secondary US sanctions due to interaction with sanctioned companies from Russia. At the same time, there are many financial institutions in the Russian Federation that are not subject to sanctions. Payment transactions between them and China continue to be carried out in the same volumes.
Formerly People’s Bank of China reduced The base interest rate for five-year loans was increased from 4.2% to 3.95%.
Previous analysts warnedThat the crisis in the PRC economy can surpass the crushing collapse of 2015.