China-Russia trade

China firms go ‘underground’ on Russia payments as banks pull back

The US has imposed an array of sanctions on Russia and Russian entities since the country invaded Ukraine in 2022
Now the threat of extending these to banks in China is chilling the finance that lubricates trade from China to Russia
Nearly all major Chinese banks have suspended settlements from Russia since the beginning of March, said a manager at a listed electronics company in Guangdong

By Reuters · 29 April 2024