Many of China’s largest banks have tightened controls on transactions from Russia. The newspaper writes that to confirm such transactions, Bank of China (which ranks fourth in assets among Chinese banks) now requires information on connections with the LPR, DPR, Crimea, Iran, North Korea, Cuba or Syria. “News”.
A source from Russian entrepreneurs said that this problem occurs in personal accounts of legal entities when making transactions through internet banking.
The document also requires other information, including the sender’s or recipient’s affiliation with the Russian military, military-industrial complex or military base.
Alexey Poroshin, General Director of the First Group company, confirmed that such a complete request for the details of the transaction actually exists. The customer’s response that the transaction is not related to the specified territories or military forces allows Bank of China to avoid liability. This is a kind of insurance against American inspections.
Credit institutions in China began requesting such information from the beginning of 2024, even if the transaction originates from other countries and in any currency. Chinese banks, including Great Wall West China Bank, ask similar questions about connections to specific regions and entities.
Expert Oleg Abelev told the publication that if the transaction concerns the specified regions, the Chinese side will most likely refuse to pay.
Previously in Russia registered Increase in payment refusal cases in friendly countries.
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Source: Gazeta
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