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Two accused teenagers to remain in custody for at least two more weeks | SaltWire #newsupdate #news - An appliance maker in southern China is finding it hard to ship its products to Russia, not because of any problems with the gadgets but because China's big banks are throttling payments for such transactions out of concern over U.S. sanctions.
As China's big banks pull back from financing Russia-related transactions, some Chinese companies are turning to small banks on the border and underground financing channels such as money brokers - even banned cryptocurrency - the sources told Reuters."You simply cannot do business properly using the official channels," Wang said, as big banks now take months rather than days to clear payments from Russia, forcing him to tap unorthodox payment channels or shrink his business.
Making payments in crypto, banned in China since 2021, might be the only option, said a Moscow-based Russian banker, as"it's impossible to pass through KYC at Chinese banks, big or small". Still, his visit, which included meeting President Xi Jinping, was the latest in a series of steps that have tempered the public acrimony that drove relations between the world's biggest economies to historic lows last year.
"Beijing cannot achieve better relations with Europe while supporting the greatest threat to European security since the end of the Cold War," the spokesperson said. Among the Big Four, China Construction Bank posted a drop of 14% in its Russian subsidiary's assets last year and Agricultural Bank of China a 7% decline, according to their latest filings.
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