Russian Payments to China Shift to Crypto as Banks Halt Yuan Transactions
Chinese banks are rejecting Russian yuan payments, leading to a rise in crypto and barter trade between the two nations to maintain business relations.
The smooth flow of trade between Russia and China has been disrupted as Chinese regional banks have begun rejecting yuan-based transactions from Russian businesses. This development, reported by Izvestiya, stems from growing concerns among Chinese banks about potential secondary sanctions. According to Ekaterina Kizevich from Atvira, her bank notified her in July about the suspension of payment processing for transactions involving Russia.
In response, Russian companies are exploring alternative methods to sustain trade. Some are considering using branches of Russian banks located in China, though this could increase transaction costs by up to 5%. Barter trading is also being explored, but it is not a feasible solution for all types of goods.
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Amid these challenges, cryptocurrency is emerging as a critical solution. Since June, Russian metal producers have started using stablecoins for transactions with Chinese suppliers. With new regulations on crypto payments coming into effect, the use of digital currencies to bypass traditional financial systems and potential sanctions is expected to grow.
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