This situation has been in place since the end of March. Experts believe that PRC financial organizations fear secondary sanctions from the US.
Several Chinese banks stopped accepting payments in yuan from Russia at the end of March. A source from the business community told Izvestia . These are ICBC, China Citic Bank, Industrial Bank (they occupy the 1st, 10th and 12th places by capitalization respectively) and Bank of Taizhou.
According to Alexey Egarmin, Director General of the Business Council at the Chamber of Commerce and Industry (CCI), settlements for industrial goods have become especially complicated. At the same time, China can still allow remittances for consumer products.
At the end of March, about 80% of payments returned from China to Russia. Bank of China has introduced new restrictions.
Alexei Razumovsky, commercial director of Impaya Rus confirmed that ICBC, China Citic Bank, Industrial Bank and Bank of Taizhou stopped accepting yuan from Russia. According to him, smaller banks have also started to follow the lead of the big banks. They fear that the US will impose secondary sanctions against them.
Alexei Poroshin, CEO of First Group, said that Chinese banks are not ready to go into conflict with the Anglo-Saxon world, despite their friendship with Russia.
He explained that the market has already begun to reorganize to carry out transfers through payment agents and third countries.
Earlier wrote that several banks in China do not accept payments in yuan from Russia.
By the way, interest in the yuan has grown among companies participating in foreign economic activity.