Chinese banks have implemented additional compliance measures for payments from the United Arab Emirates (UAE), India, and Hong Kong, which have traditionally served as trade partners for Russia. These measures aim to identify Russian businesses using third countries as proxies to complete payments. Chinese banks now require documentation confirming that goods will be sent directly to these countries, which delays the execution of Russian payments. Previously, such revisions were only applied to transactions originating from Turkey, but they have been expanded following the 12th package of anti-Russian sanctions, as Chinese banks fear the imposition of secondary sanctions for facilitating war-related settlements.
The Hunt for the Russian Trace: Chinese Banks Implement Stricter Compliance for Foreign Payments
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