“China’s largest bank starts blocking yuan transfers on suspicion of payment link to russia – mediaBank of China has stepped up its blocking of yuan-denominated transfers from countries through which russia purchases goods. The
bank stops large transactions from Kazakhstan, Georgia, Armenia and the UAE, especially for purchases of complex equipment.”, — write: unn.ua
Details
It is reported that Bank of China, one of the largest banks in China, has started to block yuan-denominated transfers more frequently from countries that Russia uses to purchase goods. An example is given of a blocked transfer from Kazakhstan’s CenterCredit Bank to China’s Chouzhou Commercial. The transaction was blocked by the Bank of China, which acts as a correspondent bank for the Kazakhstani credit organization. Similar problems occurred when transferring funds to China from the banks of Georgia and Armenia. It is also noted that banks block large transfers when it comes to the supply of complex equipment or electronics, and the payer is a company from the UAE, Kyrgyzstan or Kazakhstan.
Recall
China has tightened export controls on products that can be used in the military and dual-use goods, resulting in delays and increased costs for russian importers due to increased inspections and licensing requirements.
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