China-Russia trade



China firms go ‘underground’ on Russia payments as banks pull back

  • The US has imposed an array of sanctions on Russia and Russian entities since the country invaded Ukraine in 2022
  • Now the threat of extending these to banks in China is chilling the finance that lubricates trade from China to Russia
  • Nearly all major Chinese banks have suspended settlements from Russia since the beginning of March, said a manager at a listed electronics company in Guangdong
By Reuters ·