The Chinese bank Heihe Rural Commercial Bank has stopped accepting payments from Russia due to European Union sanctions. Russian importers claim that payments were proceeding normally, but stopped after the restrictions were imposed.
Heihe initially suspended operations with Russian banks on August 11, and later completely ceased accepting money. Other Chinese banks are also refusing to work with Heihe due to EU sanctions.
'The EU Council imposed sanctions against Heihe on July 19 for providing services related to crypto assets that undermine the restrictions against Russia. The decision took effect on August 9, from that moment representatives and companies of the EU are prohibited from participating in any operations with the Chinese bank.'
For Russian businesses, Heihe was an important partner, and after other banks refused, many companies turned to it. Now the payment system between Russia and China has become complicated, which may affect the execution of transactions.
Due to the introduction of EU sanctions, the Chinese bank Heihe has stopped accepting payments from Russia, leading to complications in settlements between companies from both countries.