Three out of four major Chinese state-owned banks will no longer accept payments from sanctioned Russian financial institutions. The trigger was apparently the twelfth sanctions package against Russia, which the EU decided in December 2023.
Exports from China to Russia could stall until at least March, a source added. United Arab Emirates (UAE) banks close Russian accounts. Many UAE banks no longer want to accept money from Russia and are refusing repayments. Some Chinese banks are holding back from investing in Russia for fear of sanctions.