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Nearly all Chinese banks are refusing to process payments from Russia, report says (www.msn.com)

submitted 2 months ago by Five@slrpnk.net to c/ukraine@sopuli.xyz

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[-] paddirn@lemmy.world 32 points 2 months ago

"But the doors to alternative modes of transfers are closing fast. Russia is now looking to crypto and barter trade."

Huh, I wonder if this is partly why it seems like crypto has been popping back up in the news so much lately.

[-] febert@feddit.org 14 points 2 months ago

if even the chinese dont support them theyre fucked lol

[-] casmael@lemm.ee 10 points 2 months ago

That uhhh doesn’t seem like good news for the Russian economy

[-] P00ptart@lemmy.world 5 points 2 months ago

God damn. They're so fucked if this is true.

[-] flambonkscious@sh.itjust.works 3 points 2 months ago

How closely tied are the banks and the CCP, though?

[-] MrMakabar@slrpnk.net 9 points 2 months ago

They are pretty much all mostly government owned. Especially the big ones. The CCP tells them which industries they are supposed to lend to. However they are allowed to choose the companies and also get to do some independent business, if that makes money.

The problem is that Russia is a small fish on the international stage, but the US and EU are massive. All Chinese banks have ties to them and rather not receive secondary sanctions.

[-] flambonkscious@sh.itjust.works 6 points 2 months ago

Then this sounds like fantastic progress!

[-] MrMakabar@slrpnk.net 3 points 2 months ago

It is and it is actually even worse for Russia, as it is not just Chinese, but also Central Asian banks. That makes migrating to Russia for work even worse for them. Russia already has labor shortages, so this will bite badly.