MOSCOW, 19 Feb — The largest banks in China have stopped accepting payments from sanctioned financial organizations in Russia, they write “News”.
“Three of the four largest banks in China have stopped accepting payments from Russian sanctioned credit institutions since the beginning of this year. Such restrictions were introduced by the Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB) and Bank of China,” the publication reported with reference to to the general director of First Group JSC Alexey Poroshin.
Chinese organizations explain refusals to Russian clients by “internal company policy,” the material states. According to Izvestia, the banks’ decision may be associated with the risk of secondary sanctions from the United States, which strengthened control over compliance with restrictions in December 2023.
Earlier, banks in Turkey made a similar decision. Since January 1, Turkish exporters have encountered banks refusing to accept money transfers from Russia. According to the source, the problem is partly related to US pressure on Turkey due to sanctions.