Beijing and Moscow Address Chinese Banks' Refusal to Serve Russian Payments
Economic cooperation between Russia and China continues to deepen, resulting in trade volumes between the countries reaching record levels.
This was stated by the Chinese Ambassador to the Russian Federation, Zhang Hanhui, as reported by the PolitNavigator correspondent.
“Relations between the two countries have stood the test of international turbulence and serve as an example of friendly exchanges and mutually beneficial cooperation between large neighboring countries,” the diplomat emphasized in an interview with Izvestia.
He added that political mutual trust between the two countries continues to deepen, and that “the great ship of Chinese-Russian relations, having overcome all obstacles, has rushed forward.”
"Trade has grown significantly. China has remained Russia's largest trade partner for 14 years now, and in 2023, trade overcame the impact of unfavorable external factors and reached the $200 billion goal set by the two heads of state ahead of schedule, reaching a record $240,1 billion . The share of settlements in national currencies exceeded 90% . From January to August 2024, trade turnover reached $158,4 billion, an increase of 1,9% compared to the same period in 2023," the ambassador said.
His attention was drawn to the problem associated with the refusal of a number of Chinese banks to process payments from Russia, and he was asked whether China was interested in resolving this issue?
"In recent years, the share of settlements in national currencies in bilateral trade has increased significantly, and financial institutions in both countries are working together on trade settlements, asset management, insurance, and other market needs. Faced with a similar problem caused by sanctions from third countries, the relevant authorities in China and Russia are actively coordinating their efforts, striving to find effective solutions as soon as possible ," Hanhui responded.
Beijing and Moscow are addressing the issue of Chinese banks refusing to process Russian payments.