Nearly all Chinese banks are refusing to process payments from Russia, report says

Nearly all Chinese banks are refusing payments from Russia, a report from the Russian outlet Izvestia says.

Russia has been using smaller banks and non-US-dollar currencies to bypass Western sanctions.

But doors to alternative transfer methods are closing fast; Russia is now looking to crypto and barter trade.

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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.

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