Thursday, March 21, 2024

China Is under Unprecedented US, EU Pressure over Russian Payments, Says Kremlin

Beijing is under unprecedented US and EU pressure to be tough on Moscow, the Kremlin said on Thursday, commenting on the refusal of some Chinese banks to accept payments from Russia.

Russian business people in January drew attention to problems with settlements with Chinese banks. The United States has been threatening banks in countries such as Turkey and China with secondary sanctions for facilitating trade with Russia.

The Izvestia newspaper, citing market sources, said on Thursday that Chinese banks Ping a Bank and Bank of Ningbo had halted processing payments in Chinese currency from Russia, Reuters reported.

The newspaper also said that DBS Bank, Great Wall West China Bank and China Zheshang Bank had introduced some restrictions on operations with Russia.

Kremlin spokesman Dmitry Peskov said the situation with Chinese banks had caused problems, but said they could be overcome.

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