Chinese banks introduce restrictions on local companies that cooperate with Russia — they are prohibited from opening accounts outside their province. The Moscow Times writes about it.
A company from Sichuan province that supplies products to Russia tried to open a bank account in Shandong province but was refused, one of the sources said. The supplier of another Russian importer also faced this problem.
Cases of account opening refusals are becoming more and more frequent, however, it is difficult to assess the scale of the phenomenon so far.
Some banks of the People's Republic of China began to introduce similar territorial restrictions around April-May. At the same time, bankers may not refuse officially: they offer to wait six months for opening an account, and then the same amount, which is unacceptable for any company.
By refusing to open an account for companies from other provinces, Chinese banks are hedging against secondary sanctions from the West, experts believe.
At the same time, they emphasize that the new restriction is a serious challenge for Russian-Chinese trade. Against the background of refusals, suppliers are forced to open new accounts in those banks that continue to take money from Russia. But finding new entities increases transaction costs and delays payments.
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