ICBC, CCB and Bank of China rank first, second and fourth in terms of assets in China. Banks notified Russian clients that they would stop accepting payments from the beginning of January 2024. It is noted that transactions with non-sanctioned credit institutions continue.
According to a source in the Russian bank, ICBC and CCB reject all payments received from Russian sanctioned financial institutions, regardless of the system through which they go – SWIFT, Russian SPFS or Chinese CIPS. It is noted that Chinese banks explain their decision by the internal policies of credit institutions.
It is worth noting that China did not impose sanctions against the Russian Federation and Russian companies after the full-scale invasion of Ukraine. But many Chinese companies are forced to adhere to the sanctions policies of Western countries, wanting to avoid secondary sanctions and intending to cooperate with the US and the EU.
New package of sanctions against the Russian Federation
Let us recall that in January the EU began discussing the 13th package of sanctions against Russia. They want to approve the restrictions by the second anniversary of the full-scale invasion of Ukraine.
According to Western media reports, the package will not add new restrictions on the import of Russian products.
At the same time, a few days ago it became known that EU ambassadors had still not agreed on the 13th package of sanctions. According to the Financial Times, it is blocked by Hungary.
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2024-02-21 05:55:39