Overview

• 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.