Chinese banks are shutting down transactions with Russia “en masse,” with delays in payments intensifying during August, Reuters reported on Aug. 30, citing sources familiar with the matter.
The U.S. unveiled a new set of sanctions against Chinese and Russian companies over their support for Moscow’s aggression last week. Despite efforts to avoid or mitigate the impact of the trade restrictions, Chinese institutions have begun scaling back their business dealings with Russia.
Specifically, a number of major Chinese banks have begun blocking transactions for electronics out of fear of secondary sanctions.
Transactions worth tens of billions of yuan are currently stuck in limbo, a source told Reuters.
It’s just the latest case of mounting obstacles in Russian-Chinese…
