Chinese banks have begun to curtail cooperation with Russian credit institutions that have fallen under new US sanctions, Izvestia reports, citing Alexey Poroshin, CEO of JSC Pervaya Gruppa. According to him, most Chinese banks have already terminated business relations with sanctioned Russian financial institutions, which has become a significant blow to Russian-Chinese banking cooperation.

The commercial director of Impaya Rus, Alexey Razumovsky, confirmed this information, noting that a number of Chinese banks, such as Bank of China, blocked payments from Russian organizations that fell under sanctions. Bank of Kunlun, which Russian importers actively used to pay for goods, also sent out warnings to clients about stopping accepting payments. These steps confirm the growing trend of Chinese banks refusing to interact with Russian counterparties that ended up on the US sanctions list.

On November 21, the US Department of the Treasury included such large Russian credit institutions as Gazprombank, as well as more than 50 other banks, including Dom.RF, BBR, Primsotsbank, Sinara, Trust, BCS Bank, Iturup, Centrocredit, Kremlevskiy and others, in its SDN list. Being included in the SDN list means actual isolation from the international financial system and deprives banks of the opportunity to freely conduct payments and transactions abroad.

Alexey Poroshin noted that no concessions should be expected before the inauguration of US President-elect Donald Trump, which is scheduled to take place in January. Moreover, he expressed doubts that even with the arrival of the new president, the situation with payments to China will improve significantly.