The Chinese are changing their approach to exports to Russia

Advance payments are required primarily for the export of so-called dual-use products, including electronics, machinery and factory equipment, logistics companies and industry organizations told the newspaper. The sanctions imposed on Russia for war in Ukraine – claims the portal – forced Chinese banks to conduct thorough checks on payments. As a result, goods have been sitting in warehouses for a long time, which has caused an increase in delivery costs by an average of 15 percent.

There have been cases where banks have refunded money for products that have already been shipped if they have not received documents on time assuring that shipping the goods to Russia will not be a reason for sanctions, the CEO of one of the companies told Izvestia.

– Due to fears of secondary sanctions, Chinese financial organizations sometimes return payments regardless of whether the cargo reached Russia or not. A strange situation has arisen: the cargo arrives in Russia from Chinand the amounts paid for it are refunded, she added.

Russia's trade with China has become more complicated after the EU introduced the 12th package of sanctions and the President's decree USA Joe Bidenunder which restrictions were introduced, among others, against third-country banks – the Moscow Times portal emphasized.

On August 23, the US Treasury added 400 legal and natural persons, as well as seven tankers, to the sanctions list. The ministry's press service explained that their products and services are used to support Russia's war efforts and circumvent previously imposed sanctions. A few days later, banks in the United Arab Emirates began to massively block payments to Russian companies for electronic components and consumer electronics from China, which dealt a blow to one of the last channels for the supply of Chinese gadgets and equipment to the Russian Federation, the portal concluded.