The Chinese Bank of China has limited the conduct of foreign currency transfers from Russia to the banks of the European Union, the USA, Great Britain and Switzerland. This is reported by RBC with reference to representatives of Modulbank and Finam, in which Bank of China is a correspondent bank.
Modulbank warned customers about the suspension of transfers in Chinese yuan to banks in the European Union, Switzerland, Great Britain and the United States. Since June 13, Finam Bank has stopped accepting for execution orders to transfer funds in yuan, dollars, euros and Hong Kong dollars through Bank of China correspondent accounts.
“The decision was made not by China, but by the EU and US parties. Thus, they are trying to carry out sanctions pressure by blocking alternative channels in the form of yuan, ”Pavel Semenov, Chairman of the Board of Modulbank, told the publication.
The exception is transfers to beneficiary banks of the Bank of China group. “You can make a transfer to banks of the Bank of China correspondent network. For the rest of the banks, we are working on an alternative route,” Semyonov said.