China is under unprecedented US, EU pressure over Russian payments, says Kremlin
Reuters
Published Mar 21, 2024 10:52
MOSCOW (Reuters) - Beijing is under unprecedented U.S. and EU pressure to be tough on Moscow, the Kremlin said on Thursday, commenting on the refusal of some Chinese banks to accept payments from Russia.
Russian business people in January drew attention to problems with settlements with Chinese banks. The United States has been threatening banks in countries such as Turkey and China with secondary sanctions for facilitating trade with Russia.
The Izvestia newspaper, citing market sources, said on Thursday that Chinese banks Ping An Bank and Bank of Ningbo had halted processing payments in Chinese currency from Russia.
The newspaper also said that DBS Bank, Great Wall (HK:2333) West China Bank and China Zheshang Bank had introduced some restrictions on operations with Russia.
Kremlin spokesman Dmitry Peskov said the situation with Chinese banks had caused problems, but said they could be overcome.
"Of course, unprecedented pressure from the United States and the European Union on the People's Republic of China continues, including in the context of relations with us," Peskov told a daily conference call with reporters.
"This, of course, creates certain problems, but cannot become an obstacle to the further development of our trade and economic relations (with China)," Peskov said, adding that Russia and China could overcome such obstacles.
Russia has become a top exporter of oil to China as it shifts trade away from Europe, which imposed wide-ranging sanctions against Moscow following the start of what the Kremlin called a special military operation in Ukraine in February 2022.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.