China’s banks have started accepting payments from the Russian Federation

Bank of China and six regional Chinese banks have started accepting payments from Russia, Izvestiya reports, citing sources in the business community.


It is noted that in April transactions between Russia and China were almost non-existent, but in May the volume of imports began to grow due to the fact that regional Chinese banks, which have very little or practically no international business, began to co-operate directly with Russian businesses.

At the same time, Izvestiya’s sources pointed out that the fees of small credit organisations are higher than those of large market players and not all Chinese businesses cooperate with them.

As an alternative, Chinese organisations are beginning to open representative offices in Russia and accept rubles, according to the publication.