Chinese banks have fully joined the sanctions against Russia

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Banks of China do not cooperate with Russian credit organizations that have been caught under sanctionsMykhailo Zadornov, the chairman of the bank “Otkritiy” told in an interview, writes “The Moscow Times“.

“Chinese banks fully comply with all sanction restrictions established by the US Treasury. For example, they do not work with sanctioned Russian banks,” he said.

Otkrytye Bank was one of the first to fall under the harshest sanctions — immediately after the start of the war, the US Treasury included it in the SDN list.

Now there are already seven Russian system banks in this list. Among them are “Sber”, VTB, “Opening” Alfa-Bank and others. Having included them in the SDN-list, the US Ministry of Finance prohibited American banks and legal entities from conducting operations with them. In addition, all assets of banks and structures where they have control are blocked in American jurisdiction.

Because of the sanctions, according to Zadorny, the volume of bank deposits in dollars, euros and pounds fell by 40% in ten months — from $94 billion to $57 billion. According to him, the demand for yuan will not be able to smooth out this effect, partly because , that Chinese banks are complying with the sanctions. This affects the freedom of settlements and the movement of yuan payments between Russian and Chinese banks. We remind you that Russia calls China a friendly country.

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