Settlements with China are becoming more complicated again: several more Chinese banks have stopped accepting currency from Russia. Ping An Bank and Bank of Ningbo (ranked 13th and 15th by capital size in China) have now refused to accept transactions in rubles and yuan.
Many other banks and international institutions have also introduced restrictions (DNS Bank, Great Wall West China Bank, China Zheshang Bank, and others).
This creates difficulties when working with suppliers, but settlements between China and Russia will not stop — there are always alternatives:
- there are still banks in Russia whose payments are accepted in China;
- payments through branches in the PRC or friendly countries;
- payments through partners in Hong Kong.
Export is also affected by concerns over secondary sanctions. For example, Indian refiner Reliance recently refused to accept crude oil aboard a Sovcomflot tanker. And the issue here is not the country of origin of the oil, but Sovcomflot itself and its 14 oil tankers sanctioned by the US in February.
There are always workarounds, and some of them are quite ingenious. If you are experiencing issues with importing goods and filing declarations, contact our logistics specialists — we always find a cost-effective solution.
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