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Nearly all Chinese banks are refusing to process payments from Russia, report says (www.businessinsider.com)

submitted 4 weeks ago by [email protected] to c/[email protected]

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The impact of the West's sanctions just seems to be getting worse and worse for Russia.

Now, 98% of Chinese banks — even small regional ones — are refusing to accept direct Chinese payment transfers from Russia, Alexey Razumovsky, the commercial director of the payments company Impaya Rus, told the pro-Kremlin media outlet Izvestia.

Such issues appear to have intensified over the past three weeks, as smaller Chinese financial companies were still processing Russian payments in May and June, Izvestia reported.

Last month, the Russian outlet Kommersant reported that about 80% of bank transfers made in the Chinese yuan were bouncing back with no explanation after being stalled for weeks while banks decided whether they could transact.

Razumovsky told Izvestia the payment challenges with Chinese banks could contribute to supply-chain difficulties and inflation in Russia.

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[–] [email protected] 6 points 4 weeks ago

Indeed, Russia still has some currency reserves, the shadow gas fleet, huge increase in domestic production of arms, and has some how kept it's GDP growth up. Not that it doesn't have issues on it's horizon, but time is still there to wiggle around them. Also you are correct about Ukraine, many reasons to be enthusiastic, but Winter still looks like it might be rough.

And Trump, well yea still many days to the election and he may yet pull Vance's thumb out of his ass. Can't say I don't like the nice poll numbers from swing states though, seems like Harris has some good appeal to the swing voters.