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Nearly all Chinese banks are refusing to process payments from Russia, report says (www.businessinsider.com)

submitted 4 weeks ago by lemmee_in@lemm.ee to c/world@lemmy.world

89 comments fedilink hide all child comments

The impact of the West's sanctions just seems to be getting worse and worse for Russia.

Now, 98% of Chinese banks — even small regional ones — are refusing to accept direct Chinese payment transfers from Russia, Alexey Razumovsky, the commercial director of the payments company Impaya Rus, told the pro-Kremlin media outlet Izvestia.

Such issues appear to have intensified over the past three weeks, as smaller Chinese financial companies were still processing Russian payments in May and June, Izvestia reported.

Last month, the Russian outlet Kommersant reported that about 80% of bank transfers made in the Chinese yuan were bouncing back with no explanation after being stalled for weeks while banks decided whether they could transact.

Razumovsky told Izvestia the payment challenges with Chinese banks could contribute to supply-chain difficulties and inflation in Russia.

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[–] UnderpantsWeevil@lemmy.world 2 points 4 weeks ago (4 children)

Why would they not just use cryptpcurrency at this point?

Waiting two hours for my cryptocurrency transaction to process against a third party broker "NoScamSafeTransact.ru" only to discover that I've had my wallet hacked and all my funds plundered.

[–] BobGnarley@lemm.ee -2 points 4 weeks ago (3 children)

Lol well this depends on the crypto used and its hard to think that bank fees of any kind would be better than to just pay the fee to speed the transaction up.

Also, presumably they would use dummy wallets and not send amounts from their cold wallet with the full amount on it.

Idk, just seems like they deserve the trouble at this point if they can't utilize the ways around it.

[–] UnderpantsWeevil@lemmy.world -1 points 4 weeks ago* (last edited 4 weeks ago) (2 children)

its hard to think that bank fees of any kind would be better than to just pay the fee to speed the transaction up

Paying which fee using what currency to which third party? Hell, can you even get a good conversion rate on Rubles to Yuan, by way of some third crypto broker, at this point? Seems like its the same problem (foreign brokers don't trust Russian banks to process transactions) with extra steps.

Also, presumably they would use dummy wallets

Adding a fourth point of failure in my Ruble to Crypto to Yuan transaction. What could go wrong?

Idk, just seems like they deserve the trouble at this point

Tell you what. Take $10 and convert it to Rubles. Then convert those Rubles to crypto. Then cover the crypto to Yuan. Then buy something and ship it from China to Russia. And let me know how this experiment ends. Then you can wax poetic about how only an idiot wouldn't be doing it your way.

[–] BobGnarley@lemm.ee 1 points 4 weeks ago* (last edited 4 weeks ago) (1 children)

But all this is assuming they want to convert it into another currency at all, I was thinking why not just use it in that form for international trade although some of the other comments have explained the dollar amount equivalent wouldn't be able to exist right now due to mining limits.

But why not use a combination then of crypto, precious metals, and just straight up raw currency. I mean if chinas bank doesn't want to accept it they could just ship a container with money in it directly to them right?

I mean criminal enterprises move BILLIONS all the time without banks so I don't see how its so hard for two of the larger nations in the world.

Edit: I'm guessing the conversion into the Yuan would betheissue with sending them straight up cash huh?

[–] UnderpantsWeevil@lemmy.world 1 points 3 weeks ago

I mean criminal enterprises move BILLIONS all the time without banks

That's totally untrue. In fact, we've had a litany of bank scandals - some very recently - involving large scale criminal financial trafficking. HSBC, JPMorgan, and DeutchBank have all gotten flak for processing transactions on behalf of crooked clients. USB is practically legendary for their numbered accounts and anonymous transactions.