Date: 4 months ago   Category: Economy

The Chinese banks have joined sanctions against Russia

The Chinese banks have joined sanctions against Russia
Hopes of the Russian authorities to the aid of China in overcoming sanctions of the West are gradually shattered about severe reality.

Though de jure Beijing didn't impose any financial sanctions against the Russian Federation, actually Chinese banks have joined the restrictions introduced by the USA and the European Union.

Commercial credit institutions of the People's Republic of China detain transfers to accounts of the Russian banks or at all refuse to register payments, the chief representative of the Bank of Russia in the People's Republic of China Vladimir Danilov has said on Friday, acting on a round table "The Russian-Chinese financial cooperation as a factor of economic development" in Harbin.

"Problems are connected with expanded interpretation by a number of the Chinese banks of restrictive measures of the third countries", - he has explained: under blocking transactions even of the companies which aren't included on the sanctions lists are placed.

at the same time the Russian banks note toughening of conditions. It "leads to delays when carrying out payments of clients of the Russian banks, and counter payments in favor of the companies of Russia", - Danilov (the quote by TASS) has told.

according to the vice-president of the Association of Banks of Russia (ABR) Anatoly Kozlachkov, complexity arise even at a stage of opening of corresponding accounts.

"These problems are clear, they are connected with sanctions pressure", - soobshchilkozlachok, having added that "it is necessary to look for ways (their) permission for mutual success".

This search go more than three years. And have considerably reduced participation in the foreign trade transactions by the fact that the Chinese banks refuse to perform operations with Russian banks, in June, 2015 the first deputy chairman of VTB Group Yury Solovyov complained. he complained to

In the column written for FInance Asia on "contradictory a position of China in relation to the Russian banks after imposition of sanctions of the USA and the EU".

the Process of dedollarization and transfer to national currencies of mutual trade proclaimed as the purpose the president Vladimir Putin also goes hard. The dollar still remains the main currency of calculations, Danilov has told.

according to the Central Bank, passes 88% of transactions on export to China and 73,6% in dollars - on import from the People's Republic of China.

at the same time China de facto refuses to receive rubles for the goods sold to Russia: the share of the Russian currency in calculations for import makes only 3,8%. It is less, than 2013 (3,9%).

is ready to Pay China in yuans more willingly - following the results of last year in the Chinese currency there have passed 8% of export transactions against 1,7% four years ago.

Scales of application of national currencies in calculations "don't correspond to the potential of the Russian-Chinese trade relations", Danilov has said. These issues will be discussed at the regular meeting of a subcommittee on financial cooperation on September 28 in Shenzhen (the Province of Guangdong, the Southern China) again.



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