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.
The sanctions against Russia are worrying important trading partners of Moscow. More and more banks are letting Putin run afoul. 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.