China imposes strict restrictions on financial transactions with Russia

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China imposes strict restrictions on financial transactions with Russia

Some Chinese banks have begun to apply new territorial restrictions on opening accounts for local suppliers working with Russian importers. According to Vedomosti, several sources among importers and intermediaries reported that suppliers from China are now prohibited from opening bank accounts outside the province where they conduct their main business.

The move complicates trade relations between Chinese and Russian companies by making financial transactions more difficult and requiring suppliers to adhere to strict territorial limits. Five sources among Russian importers and intermediaries confirmed that such restrictions make it difficult to open new accounts in other parts of China, limiting flexibility and increasing the cost of doing business.

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