Bank of China has restricted transfers in yuan to Europe and the USA for Russians
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Since June 13, the Chinese Bank of China has limited the ability of Russian bank clients to transfer yuan to the European Union, the United States, the United Kingdom, and Switzerland. This is reported by RBC.
According to a representative of one of the Russian banks, the Bank of China stopped transferring funds through correspondent accounts not only in yuan, but also in US dollars, euros and Hong Kong dollars. According to the interlocutor of the publication, the restrictions are connected with the risk of secondary sanctions.
Representatives of the Russian banking sector believe that the decision on restrictions for Russians was made not by China, but by the United States and the countries of the European Union against the background of restrictions imposed on Russia after its attack on Ukraine.
Experts polled by RBC note that the share of transfers in Chinese currency to the EU and the USA is small among total transfers in yuan. Such operations could be used by private investors or business representatives.
After Russia’s invasion of Ukraine, the Russian economy was subjected to unprecedented sanctions pressure from Western countries. The EU explained the restrictions against private banks by the fact that they provide “essential income” to the state and have a significant role in the economy.
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