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The «daughter» of Bank of China suspended operations with Russian banks

June, 24 2024
watermark Economic news

Today, the yuan on the Moscow Stock Exchange fell by 1.2% after the announcement of the Russian branch of Bank of China to suspend operations with sub-sanctioned companies. If other Chinese banks follow his example, it may lead to the cessation of exchange trading in the yuan.


Starting June 24, 2024, Bank of China stops processing payments in yuan from Russian banks located on the SDN List of the United States. However, the bank will continue to work with non-sanctioned credit institutions. The organization's website states that it specializes in money transfers to China using nostro accounts in the divisions of Bank of China in China.


The decision to suspend operations was caused by the bank's fears of falling under US sanctions. 


For the Russian market, this step will lead to additional costs both in terms of time and cost of payment processing. The business of the Bank of China subsidiary is largely focused on payments in yuan between Russia and China.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.