Bank of China has limited Russian transfers in yuan to the EU and the USA

19.06.2023 0 By Writer.NS

Since June 13, the Chinese Bank of China has limited the ability for clients of Russian banks to transfer yuan to the European Union, the United States, Great Britain and Switzerland. This is reported by Radio Liberty with reference to the Russian media ukrainian.voanews.com.

President of the People's Republic of China Xi Jinping

As a representative of one of the Russian banks said, Bank of China stopped transferring funds through correspondent accounts not only in yuan, but also in US dollars, euros and Hong Kong dollars. According to the interlocutor, the restrictions are associated with the risk of secondary sanctions.

Representatives of the Russian banking sector believe that the decision to impose restrictions on Russians was not made by China, but by the US and EU countries against the backdrop of restrictions imposed on Russia after its war in Ukraine.

Experts note that the share of transfers in Chinese currency to the EU and the US is small among the total transfers in yuan. Such transactions could be used by private investors or business representatives.

Bank of China is a commercial bank, but it is state-owned. It is the fourth largest bank in the world.

Earlier, the Voice of America reported that US Secretary of State Anthony Blinken arrived in Beijing, where he met with Chinese Foreign Minister Qin Gang. The visit will last two days. This is the first trip to China by a high-ranking American official in the last five years.

Blinken's trip to China should be a preparation for the meeting between the President of the People's Republic of China and the President of the United States. Joe Biden has previously said he hopes to meet with Xi Jinping in the coming months.

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