this post was submitted on 15 Aug 2024
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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.

Last month, the Russian outlet Kommersant reported that about 80% of bank transfers made in the Chinese yuan were bouncing back with no explanation after being stalled for weeks while banks decided whether they could transact.

Razumovsky told Izvestia the payment challenges with Chinese banks could contribute to supply-chain difficulties and inflation in Russia.

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[–] Dead_or_Alive@lemmy.world 40 points 2 months ago* (last edited 2 months ago) (6 children)

There is a rumor that a coup had placed Xi under house arrest and had silently taken over the country a few weeks ago. Normally rumors don’t mean anything in most countries. But this is China where anyone speaking out against their leader would mean you’d get “disappeared”.

Supposedly the coup plotters don’t like the direction China has taken and want a return to good relations with the West when everyone was making money.

Moving away from relations with Russia could be a sign of this.

[–] TheLastOfHisName@lemmy.world 5 points 2 months ago

This is from July, but there's definitely financial shenanigans going on. And if the Chinese economy tanks... https://essanews.com/chinas-banking-turmoil-40-banks-vanish-as-crisis-deepens,7047618605385345a

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