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A number of banks to stop the country's foreign exchange collection business! Exports will be affected...
Feb 23,2024
A few days ago, US President Biden signed an executive order authorizing the United States to impose so-called "secondary sanctions" on financial institutions around the world that support Russia's special military operations in Ukraine ". The EU's 13th round of sanctions against Russia is also planned. Subsequently, multinational banks began to restrict receipts and payments with Russia.
Belgium, the rotating presidency of the European Council, announced on social media on the 21st that representatives of EU member states reached an agreement in principle on the 13th round of sanctions against Russia.
Including three Chinese companies and North Korean Defense Chief Jiang Shunnan, more third-country targets were included in the sanctions list.
The new sanctions package will add nearly 200 Russian entities and individuals to the sanctions list, but will not introduce new industry measures. The programme will be formally approved on February 24, the second anniversary of the outbreak of the Russian-Ukrainian conflict.
Multinational banks stop receiving Russian money!
Turkish banks began to massively stop accepting payments from Russia at the end of December. As a result, Russian imports from Turkey were paralyzed, and importers of chemical products, auto parts, clothing and footwear were hit.
A source familiar with the situation in RIA Novosti said that Russia plans to resolve this issue before January 25. But in fact, the situation is getting worse: in February, the accounts of Russian companies in Turkish banks faced closure, and in the second half of the month, individuals also faced difficulties.
One of Turkey's largest and most loyal banks to Russians Denizbank started a massive inspection of customers leaving Russia, asking for residence permits and proof of stay in Turkey, and closing accounts if there are no documents.
At the same time, banks in the UAE have also restricted transactions with Russia and started to close personal and corporate accounts.
Russian news media Vedomosti that UAE banks do not accept funds from Russia, do not make payments to Russia in the opposite direction, and continue to close corporate accounts owned by Russian citizens.
A Russian businessman with an office in the UAE said that one of his companies had an account closed at a bank like this: "We buy goods in China. The commodity code is sanctioned (it is included in the banned list of goods imported into Russia from the EU or the United States), but the commodity itself is Chinese-without any European technology, this is the simplest product. The reason for the bank to close the account is that the goods are subject to sanctions. They suggested working directly with China, not involving the UAE."
Several Chinese banks tighten remittance audits
Since February this year, China's domestic commercial banks have also tightened the receipt of Russian-related remittances audit, many foreign trade business because they do not meet the collection bank or intermediate bank audit requirements and can not be normal collection, involving banks including large state-owned banks, joint-stock banks, local small and medium-sized banks.
On February 21, Newsweek reported that three of China's largest banks that handle Russian payments have stopped accepting payments from Russian financial institutions, dealing a blow to trade relations between the two countries.
Earlier, on February 7, the Russian business newspaper "Vedomosti" reported that since February, Zhejiang Chouzhou Commercial Bank, the main Chinese bank used by Russian importers, has stopped its business in Russia.
Maxim Blunt, an independent Russian journalist, said: "All the troubles are superimposed on the Lunar New Year (Lunar New Year), and Russia will not start to solve this problem until early March. This will not prevent mutual trade, but it will certainly increase the problems of railways and ports. The logistics chain between Russia and China has been overloaded and is now aggravated by overstocking and other problems. Russian consumers may face shortages or inflation as a result."
In the latest news, US President Joe Biden said the United States planned to unveil a "significant" sanctions package against Moscow on Friday, although he did not specify which industries would be affected.
Friends with Russian customers must pay attention to the safety of foreign exchange collection!
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