Chinese Banks Halt Russian Transactions Amid Intensified US Sanctions

Nearly all Chinese banks are refusing to process yuan payments from Russia, exacerbating financial strain and supply issues.

Chinese banks, including smaller regional ones, have stopped processing direct yuan payments from Russia.
The refusal has led to a significant liquidity crunch, forcing Russian firms to pay more to access the yuan.
US secondary sanctions have pressured Chinese financial institutions to sever ties with Russian entities.
Alternative payment methods, including crypto and third-country intermediaries, are being explored by Russian businesses.
The payment challenges are impacting Russia's ability to sustain its wartime economy and trade with China.