China Turns to Underground Channels for Russia Trade Amid US Sanctions

As major Chinese banks halt transactions with Russia due to US sanctions, businesses resort to alternative payment methods, including cryptocurrencies.

Chinese firms increasingly use 'underground' channels to continue trade with Russia, circumventing financial sanctions imposed by the US.
Major banks like the Agricultural Bank of China and Bank of China have ceased financing Russia-related transactions, pushing companies towards alternative solutions.
Cryptocurrencies, despite being banned in China since 2021, are being considered as a viable payment method due to restrictions in traditional banking.
Middlemen and smaller banks along the border are becoming crucial for facilitating payments, but face long queues and increased scrutiny.
The US continues to pressure China with potential sanctions on banks aiding Russia, complicating trade relations and financial operations.