China's exports to Russia fell in March, the first year-on-year decline since mid-2022 amid growing US threats to expand sanctions against Chinese companies. Bloomberg reports this.
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According to Chinese customs, China's exports to Russia in March 2024 fell by almost 16% compared to the same month in 2023. The total volume of Russian imports in March decreased by 18% year on year, according to data from the Central Bank of the Russian Federation.
This is happening due to Russia facing increasing difficulties in making cross-border payments. Foreign banks refuse to work with Russian companies due to the threat of secondary US sanctions.
At the same time, trade turnover between Russia and China last year reached a record $240 billion thanks to Chinese imports of Russian oil and exports of cars, industrial equipment and electronics.
Recall
The “Ministry of Finance” wrote that China’s largest bank ICBC, as well as three other credit institutions – China Citic Bank, Industrial Bank, Bank of Taizhou and Bank of China – stopped accepting payments in Russia in yuan.