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submitted 3 months ago by lemmee_in@lemm.ee to c/world@lemmy.world

The impact of the West's sanctions just seems to be getting worse and worse for Russia.

Now, 98% of Chinese banks — even small regional ones — are refusing to accept direct Chinese payment transfers from Russia, Alexey Razumovsky, the commercial director of the payments company Impaya Rus, told the pro-Kremlin media outlet Izvestia.

Such issues appear to have intensified over the past three weeks, as smaller Chinese financial companies were still processing Russian payments in May and June, Izvestia reported.

Last month, the Russian outlet Kommersant reported that about 80% of bank transfers made in the Chinese yuan were bouncing back with no explanation after being stalled for weeks while banks decided whether they could transact.

Razumovsky told Izvestia the payment challenges with Chinese banks could contribute to supply-chain difficulties and inflation in Russia.

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[-] tilefan@lemm.ee 9 points 3 months ago

so there's a hole in the market and I can make a lot of money?

[-] Chewget@lemm.ee 11 points 3 months ago

In this instance there would be real consequences

[-] AbsoluteChicagoDog@lemm.ee 2 points 3 months ago

Just gotta make enough money to pay off enough senators before you get punished

this post was submitted on 15 Aug 2024
717 points (99.0% liked)

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