Russia may not be able to rely on the Chinese currency as initially hoped, as Beijing's banks are forced to comply with U.S. sanctions imposed on Russian President Vladimir Putin's economy in response to the war in Ukraine.Elvira Nabiullina, the governor of the Central Bank of Russia, said on Thursday that payments issues were one of the key challenges facing the Russian economy.
In February, three of China's largest banks—Industrial and Commercial Bank of China, China Construction Bank and Bank of China—stopped accepting payments from sanctioned Russian financial institutions.The decision was made due to the 'risks of secondary sanctions' from the United States, Russian newspaper Izvestia reported at the time. These banks rank first, third and fourth in terms of assets in China, respectively.
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