Three out of four major Chinese state 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. United Arab Emirates (UAE) banks close Russian accounts. Signs that Russia is on the verge of an economic downturn are likely to be increasing, says Bona Hyun.Disaster for Russia: China's largest bank leaves Putin hanging.