China’s Heihe Rural Commercial Bank, which came under EU sanctions, has stopped accepting payments from Russia, Russian media report.
The information was confirmed by sources at two Russian banks and four importers facing the issue.
Heihe Rural Commercial Bank had been among the last Chinese lenders willing to open correspondent accounts for Russian financial institutions that were not under sanctions.
On July 19, the EU Council imposed sanctions on Heihe for providing crypto-related services that “significantly undermine” the effectiveness of anti-Russian restrictions. The decision took effect on August 9.
Previously, some Russian small and medium-sized businesses that had used other Chinese banks switched to Heihe. For a month after the restrictions were introduced, payments continued as normal, but last week the bank stopped accepting funds.
Along with Heihe Rural Commercial Bank, another Chinese lender — Suifenhe Rural Commercial Bank — was also sanctioned by the EU. It, too, had opened correspondent accounts for Russian banks.
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