Another “friendly” country has begun to block Russian payments

The financial blockade of Russia continues to intensify even from countries that the Kremlin calls “friendly.” Following Turkey, the UAE and China, Russian companies also encountered problems with payments in Mongolia. This was announced by Alexander Knobel, head of the international laboratory for foreign trade research at RANEPA, at the conference “Prospects for the development of trade, economic and investment cooperation between Mongolia and the EAEU countries.”

Mongolian banks began to avoid cooperation with Russian companies due to fears of secondary US sanctions. These sanctions may be imposed for violation of the current sanctions regime against Russia. In December, the US Treasury Department received additional powers to cut off from the US financial system any bank in the world that promotes the Russian military-industrial complex (MIC).

Problems with payments and financial transactions are becoming an increasingly acute problem for Russian businesses, which significantly complicates the conduct of international trade and economic cooperation. Banks from countries previously considered reliable partners are beginning to limit interaction with Russian companies, fearing sanctions consequences.


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