The difficulties are reported by experts from the Russian “Kommersant”. As it was noted, since President Biden's introduction of another sanctions packagein December 2023, there are increasingly frequent problems with payments in yuan.
Money transfers have started to be delayed significantly, and we are talking about delays of up to several weeks. Very often, banks they reject transactions without giving any reasons. Customers thus suffer losses, among other things, due to the mandatory payment of a commission.
– In our experience, banks don't ask for anything. They just give us money. they hang on correspondence accounts for 30-40 days and are returned – says Oleksiy Sapozhnikov, head of a consulting company dealing with trade with China.
Problems also occur on the other side. According to Sapozhnikov, it is increasingly common that the goods arrive Russiabut the Chinese supplier does not receive payment for it. Delays are up to six months.
War in Ukraine. Western sanctions hit Russian financial market
According to experts, the most serious problems began at the end of June. The brokerage firm Sinara, a subsidiary of the Russian bank Sberbank CIB, announced at that time problems related to the withdrawal of the yuan from the Moscow Stock Exchange. Hundreds of transactions were suspended and customers were informed of a temporary limitation of operations.
Earlier, Chinese banks refused to cooperate with their Russian counterparts and reported that 3 July will leave the stock exchange in Moscow due to sanctionswhich significantly hinder normal functioning.
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