Russia's economy in distress: Putin is running out of allies. Three Chinese People's Banks have stopped payment transactions with Russia, including the country's largest People's Bank.
Other Chinese banks followed suit and limited their business with Russia. If all Chinese banks stop accepting yuan payments from Russia, this would put a significant strain on the Russian economy. Russian oil imports have fallen by about 800,000 barrels a day since peaking last year. If sanctions violations become apparent, Indian trade could turn its back on Russia completely.