Chinese Ping An Bank and Bank of Ningbo stopped accepting payments in yuan from Russia
A number of Chinese banks have stopped accepting payments in yuan from Russia. They began to notify their clients about this and return such transactions, General Director of First Group JSC Alexey Poroshin told Izvestia. He added: this problem has become relevant in the last couple of months.
Among such financial organizations in China are Ping An Bank and Bank of Ningbo (they rank 13th and 15th in terms of capitalization in China). And also China Guangfa Bank, Kunshan Rural Commercial Bank, Great Wall West China Bank, Shenzhen Rural Commercial Bank, Dongguan Rural Commercial Bank and China Zheshang Bank, Poroshin said.
These Chinese banks actually stopped accepting payments in yuan from Russia around mid-January 2024, a source from the Russian banking sector confirmed. He emphasized: now this problem is still relevant. The new restrictions are caused by concerns about the risks of secondary sanctions and pressure from the United States.
A number of Chinese banks with international participation no longer accept payments in yuan from Russia, added Alexey Poroshin. Among them are local branches of Citibank, HSBC, JP Morgan, Deutsche Bank and others.
However, they have stopped conducting transactions with clients from our country since 2022, after the introduction of sanctions, two sources in the banking market clarified.