More and more Russian banks are being sanctioned and are unable to send currency to China.
Kristina Petrenko, ILC's Deputy Chief Accountant, commented on the situation for the Russian Railways Partner.
"Currently, payments in yuan reach the Chinese bank Hei He Rural Commercial Bank without any problems. At Bank of Kunlun – only for certain categories of goods: food, agricultural, medical products, telecommunication goods. We ask foreign counterparties to open accounts with these banks," says Kristina Petrenko, ILC Deputy Chief Accountant. – In general, the situation regarding cross-border payments is not changing. More and more Russian banks are being sanctioned and are unable to send currency to China. We are clarifying in advance the possibility of transferring yuan from the sender to the recipient in order to avoid blocking funds."
