The largest banks in Hong Kong refuse to accept payments from Russia. Problems with transfers appeared on February 1st. Previously, Russian companies could send payments to Hong Kong banks through the PingPong and Xtransfer systems. FinTech Insider writes about this with reference to Russian Media.
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As the publication notes, the largest banks in Hong Kong refuse to accept payments from Russia, including transfers in yuan.
Tightening control over sanctions policy on the part of Chinese banks coincided with the visit of US Treasury officials to Hong Kong. At the same time, over the past two years, China has allegedly managed to establish itself as a key trading partner of Russia.
In January 2024, representatives of the US Treasury held several meetings in Hong Kong. Communicating with bank representatives, they promised secondary sanctions for Russia’s assistance in trade in dual-use goods.
Problems with transfers worsened since February 1. Previously, Russian companies could transfer payments to Hong Kong banks through the PingPong and Xtransfer systems, but in early February these payment systems refused to accept payments from Russian banks.
Representatives of Russian companies began to open legal entities in other so-called “friendly countries” » to make a payment.
Recall that after the adoption of Joe Biden’s decree that the US Treasury Department can punish foreign banks if they help Russia, several countries began to deny Russian clients banking services, including Turkey, Cyprus and China.
On the topic: The Chinese bank, which was the main one for Russian importers, stopped relations with the Russian Federation
