China's Banks Hit Russia's War Economy
==========
China's banks have started rejecting payments from Russian importers in a key industry, according to Russian newspaper Kommersant. Chinese banks are blocking orders for components used to assemble electronic products like laptops, servers, and storage devices. The trouble reportedly began in December when traders encountered difficulties making payments for finished products. Then, in late March, firms began receiving letters from their Chinese partners stating that their payments were not going through for orders of components for electronics. Some major Chinese banks have stopped processing Russian payments, while others have switched to transactions via third parties, increasing the price of trade and causing delays. The new secondary sanctions imposed by the US do not restrict trade unrelated to Russia's military-industrial complex, but some Chinese banks may consider their risks unacceptably high or compliance too complicated or costly. The looming threat of US sanctions is seen as a likely cause for the banks' actions.
#China #Russia #Trade #UsSanctions #ElectronicsIndustry
https://www.newsweek.com/chinese-banks-hit-russian-war-economy-1889812
Newsweek /
npub1ka…2agq5
2024-04-12 18:45:29
Author Public Key
npub1ka5jtasfg8rfe47ypj4x0a2d70fvaksu0u9z9rku70yc8hmjmu9sz2agq5Published at
2024-04-12 18:45:29Event JSON
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"content": "China's Banks Hit Russia's War Economy\n==========\n\nChina's banks have started rejecting payments from Russian importers in a key industry, according to Russian newspaper Kommersant. Chinese banks are blocking orders for components used to assemble electronic products like laptops, servers, and storage devices. The trouble reportedly began in December when traders encountered difficulties making payments for finished products. Then, in late March, firms began receiving letters from their Chinese partners stating that their payments were not going through for orders of components for electronics. Some major Chinese banks have stopped processing Russian payments, while others have switched to transactions via third parties, increasing the price of trade and causing delays. The new secondary sanctions imposed by the US do not restrict trade unrelated to Russia's military-industrial complex, but some Chinese banks may consider their risks unacceptably high or compliance too complicated or costly. The looming threat of US sanctions is seen as a likely cause for the banks' actions.\n\n#China #Russia #Trade #UsSanctions #ElectronicsIndustry\n\nhttps://www.newsweek.com/chinese-banks-hit-russian-war-economy-1889812",
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