Russia faces growing economic instability as sanctions lead to massive capital flight
China blocks payments from Russian banks under U.S. sanctions
Chinese banks are refusing to work with Russian credit institutions targeted by new U.S. sanctions
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This was reported by The Moscow Times.
Alexey Poroshin, CEO of JSC "Pervaya Gruppa," stated that most Chinese banks have already cut ties with them.
Alexey Razumovsky, commercial director of Impaya Rus, confirmed this, adding that several banks, including Bank of China, have blocked payments from sanctioned organizations. Bank of Kunlun, frequently used by Russian importers for transactions, has also warned customers that it will no longer process payments.
- On Thursday, November 21, the U.S. Treasury's Office of Foreign Assets Control introduced a new wave of sanctions targeting individuals and entities in Russia's banking sector.
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