Contents tagged with China

  • Kremlin: Russia and China may establish cross-border payment system in national currencies

    Russia and China can create cross-border payment systems using national currency, according to the First Deputy Head of the Russian Government, Executive Office Sergei Prihodko, TASS reports. According to Prihodko, after the American sanctions, “new mechanisms for conducting reciprocal payment are needed.”

    “We believe that shifting to payments in national currencies will significantly reduce sanctions risks and dependence of bilateral trade on the US dollar, to avoid exchange rate fluctuations …

  • Chinese banks are closing Russian business accounts

    Chinese banks have begun purging themselves of Russian clients, closing company accounts left right and center, blocking payments, and refusing to process even the most simple operations, such as currency conversion, Skymax managing partner Igor Shibanov told RIA Novosti.

    According to Shibanov, who works both in mainland China and in Hong Kong, the problems began roughly one and a half years ago. Initially, companies that were placed on the US and EU sanctions lists were at risk, but now the …

  • Media: Chinese banks refuse to serve Russians because of sanctions risk

    Russians are facing difficulties working with Chinese banks because of sanctions risks, the newspaper Kommersant reported, referring to the record of the meeting of the Sub-Commission on Cooperation in Financial Fields between Russia and China where this problem was discussed.

    According to the newspaper, the meeting took place on September 27 to 28 in Shenzhen. The parties discussed “barriers that prevent making interbank payments and opening correspondent accounts.” Moscow persistently raised …

  • China refuses to repair Russian ship because of US sanctions

    A ship repair company in Shanghai refused to meet its contractual obligations to repair the Neptun for the Russia-based Gudzon shipping company, whose ships have already experienced sanctions-related issues in South Korea. As Gudzon director Gennady Kononenko told TASS on Wednesday, the Chinese company refused to perform the repairs because Gudzon’s ships are on the US’s North Korea sanctions list.

    “We have a ship, the Neptun, which is in Shanghai for repairs. Today I am already in Shanghai …

  • Russia loses $2.2 billion through yuan investments

    The Bank of Russia continues to lose foreign currency reserves as a result of its operations on the international currency market, reports.

    After the unsuccessful conversion of euros into dollars in 2017, which led to a loss of $4.5 billion, the Central Bank of Russia decided to invest a record amount in the Chinese yuan, and once again made losses in the billions on exchange rate differences.

    By the start of April, the proportion of the Chinese currency in Russia’s foreign currency …

  • China calls on US to withdraw sanctions imposed for purchasing S-400 missile systems from Russia

    The Chinese Ministry of Defense demanded immediate withdrawal of US sanctions against the Equipment Development Department of the Central Military Commission of the People's Republic of China, which purchased Su-35 fighters and S-400 anti-aircraft missiles from Russia. China called the sanctions against Russia “a flagrant breach of basic rules of international relations”.

    “We demand that the US immediately correct the mistake and withdraw the so-called sanctions,” said the Ministry of Defense …

  • Chinese banks join sanctions against Russia

    The Russian government’s hopes that China will help it to overcome western sanctions are gradually being dashed by the harsh reality, writes.

    Despite the fact that de jure Beijing has not placed any financial sanctions on Russia, Chinese banks have effectively adopted the restrictions imposed by the US and EU.

    China’s commercial credit organizations are delaying transfers to Russian banks’ accounts, or outright refusing to make payments, said Vladimir Danilov, head of the Central …

  • Russia: Joint exercises with China will be held regularly

    Beijing sent 3,000 troops to take part in Vostok-2018 (East-2018) military exercises.

    Russian Defense Minister Sergey Shoygu said that Moscow and Beijing plan to hold regular joint military exercises, similar to the exercises that are held this week.

    On Wednesday, Shoygu and his Chinese counterpart General Wei Fenghe visited Tsugol training range in eastern Siberia, where joint military exercises with 300,000 Russian and 3,200 Chinese soldiers are held.

    The weekly military exercises Vostok-20 …

  • Kremlin: Russia, Iran, and China will develop a defense against US sanctions

    The Russian Foreign Ministry intends to develop together with Iran, China, and other governments an “echeloned defense” against US sanctions,  stated Russian deputy Foreign Minister Sergei Ryabkov in an interview with Rossiyskaya Gazeta.

    “We see the readiness and determination of the Iranians to keep JCPOA functional (The Joint Comprehensive Plan of Action to resolve the situation around the Iran nuclear deal). There is an understanding that keeping this agreement is in the interests of all …

  • Japan accuses Russia and China of escalating military activity in the region

    At a meeting with the leadership of Japan's self-defense forces, Japanese Defense Minister Itsunori Onodera said that Russia and China pose a threat to the national security of the country by increasing military activity in the region.

    "We are witnessing actions that mean the escalation of military activity in the Eastern Pacific," said Onodera.

    As a confirmation of his words, the Minister referred to the most extensive Russian military exercises since the cold war Vostok-2018. He also …