Exclusive: Russian firms rush to open Chinese bank accounts | Reuterswww.reuters.com/business/exclusive-russian-firms-rush-open-chinese-bank-accounts-sanctions-bite-sources-2022-03-03/
0 sats \ 2 comments \ @cryptocoin 3 Mar 2022 bitcoin
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5 sats \ 0 replies \ @lanin99943 3 Mar 2022
If the west finds a method to stop this, russia will just open accounts in fake-identity peoples names or create foundations or shell companies. At some point it's just money laundering, really.
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0 sats \ 0 replies \ @cryptocoin OP 3 Mar 2022
"Over the past few days, 200-300 companies have approached us, wanting to open new accounts," the person, who works at the Moscow branch of a Chinese state bank and has direct knowledge of its operations, told Reuters.
A handful of Chinese state banks operate in Moscow, including Industrial & Commercial Bank of China (601398.SS), Agricultural Bank of China (601288.SS), Bank of China and China Construction Bank (601939.SS).
A Chinese businessman with long-term ties with Russia, who also did not want to be identified, said several Russian companies he works with are now planning to open yuan accounts.
"It's pretty simple logic. If you cannot use U.S. dollars, or euros, and U.S. and Europe stop selling you many products, you have no other options but to turn to China. The trend is inevitable," the source told Reuters.
FESCO Transportation Group , a major Russian transport and logistics company, said this week it will accept Chinese yuan from customers, after some Russian banks were kicked out of the global financial messaging system SWIFT.
Shen said Russian demand for Chinese goods will nevertheless grow in the long term. "The key is to solve trade settlement issues" in the face of sanctions, he said.
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