Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,205,003 members, 7,990,772 topics. Date: Friday, 01 November 2024 at 12:31 AM

Exclusive: Russian Firms Rush To Open Chinese Bank Accounts - Foreign Affairs - Nairaland

Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / Exclusive: Russian Firms Rush To Open Chinese Bank Accounts (970 Views)

Gazans Rush To Get Humanitarian Aid Packages Dropped By UAE Air Force / Doctors Raise Concerns Over Queen's Health. Family Members Rush To Balmoral / EXCLUSIVE Russian Invasion Spurs European Demand For U.S. Drones, Missiles (2) (3) (4)

(1) (Reply) (Go Down)

Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by SarkinYarki: 4:16pm On Mar 03, 2022
March 3, 202210:26 AM GMT+1
Last Updated 3 hours ago
Exclusive: Russian firms rush to open Chinese bank accounts
By Samuel Shen and Andrew Galbraith






3 minute read
Illustration picture of Chinese yuan
Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. REUTERS/Florence Lo/Illustration/File Photo

SHANGHAI, March 3 (Reuters) - The Moscow branch of a Chinese state bank has seen a surge in enquiries from Russian firms wanting to open new accounts, a person familiar with the matter said, as the country's businesses struggle with international sanctions after its invasion of Ukraine.

"Over the past few days, 200-300 companies have approached us, wanting to open new accounts," the person, who works at the Moscow branch of a Chinese state bank and has direct knowledge of its operations, told Reuters.
It was not clear how widespread Russian demand for new accounts at Chinese banks was, but the banker source told Reuters many of the companies seeking new accounts do business with China and that he expected yuan transactions by such firms to increase.

Western governments are shutting off Russia's economy from the global financial system, pushing international companies to halt sales, cut ties and dump tens of billions of dollars' worth of investments.

China has repeatedly voiced opposition to the sanctions, calling them ineffective and insisting it will maintain normal economic and trade exchanges with Russia. read more

A handful of Chinese state banks operate in Moscow, including Industrial & Commercial Bank of China (601398.SS), Agricultural Bank of China (601288.SS), Bank of China and China Construction Bank (601939.SS).

China Construction Bank declined to comment. The other three Chinese state banks did not respond to Reuters' request for comment.

A Chinese businessman with long-term ties with Russia, who also did not want to be identified, said several Russian companies he works with are now planning to open yuan accounts.

"It's pretty simple logic. If you cannot use U.S. dollars, or euros, and U.S. and Europe stop selling you many products, you have no other options but to turn to China. The trend is inevitable," the source told Reuters.

As a growing number of Western companies abandon Russia, the willingness of emerging market giants such as China to sustain business relations with Moscow highlights a deep rift over Europe's biggest crisis since the World War Two. That trend could threaten to chip away the dominance of the U.S. dollar in global trade. read more

https://www.reuters.com/business/exclusive-russian-firms-rush-open-chinese-bank-accounts-sanctions-bite-sources-2022-03-03/?taid=6220d47118c5730001d427b2&utm_campaign=trueAnthem:+Trending+Content&utm_medium=trueAnthem&utm_source=twitter

Re: Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by Anonymity234: 4:18pm On Mar 03, 2022
FTC....

1 Like

Re: Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by inoki247: 4:18pm On Mar 03, 2022
lol Yuan na currency if you ask a Chinese trader between Dollar or Yuan which one du u want dey always say Dollar....


I remember when Nigeria dey Hype the swap deal den till today the thing no gt impact....
Re: Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by doctore212(m): 4:18pm On Mar 03, 2022
Abeg where can I get olosho that can collect 1k for all night.

I have tiger nuts ad dates I will Chew to me last long.

1 Like

Re: Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by courage89(m): 4:20pm On Mar 03, 2022
This is getting more interesting. Chinese to the rescue. I wonder what the Chinese will demand in return. No free lunch any where
Re: Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by richiemcgold: 4:21pm On Mar 03, 2022
one man's loss is another man's gain
Russia's loss is China's gain
rupee's loss is yuan's gain
Re: Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by Kingosytex(m): 4:25pm On Mar 03, 2022
Ala adịghị mma bụ uru ndị nze.
China don use Russia catch out.

1 Like

Re: Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by Nonpartisan1: 4:29pm On Mar 03, 2022
richiemcgold:
one man's loss is another man's gain
Russia's loss is China's gain
rupee's loss is yuan's gain

Yinmu! Those Russia oligarchies won't dare open their accounts in Chinese bank. grin grin
Re: Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by NGpatriot: 4:32pm On Mar 03, 2022
There is no workaround against the sanctions, it's a waste of time, Russia is toast. China can not help Russia, even Chinese government banks that are staying away from Russia.

Re: Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by gawu1: 4:36pm On Mar 03, 2022
inoki247:
lol Yuan na currency if you ask a Chinese trader between Dollar or Yuan which one du u want dey always say Dollar....


I remember when Nigeria dey Hype the swap deal den till today the thing no gt impact....
It's plus to the Chinese money as it's minus to the dollar. If those so called sanctions continue, at long run many countries who do business with Russia, but partners to the sanctions decision will be tired and as well find this noble alternatives of transacting with Russia using Chinese currency.

1 Like

Re: Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by DoggoneDogg: 4:50pm On Mar 03, 2022
China will just take over world economics once this works out cos more countries will switch to them

2 Likes

Re: Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by seanfer(m): 5:06pm On Mar 03, 2022
Agreed that they want to open new accounts with Chinese banks. The main thing is that they can't access their savings in US/EU banks. And who are those that will deal with them when Sanctions are flying up and down like Canal mosquitoes...
Re: Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by NGpatriot: 5:08pm On Mar 03, 2022
gawu1:

It's plus to the Chinese money as it's minus to the dollar. If those so called sanctions continue, at long run many countries who do business with Russia, but partners to the sanctions decision will be tired and as well find this noble alternatives of transacting with Russia using Chinese currency.


China's trade volume with the US is $615.2 billion

China's trade volume with the EU is US$710 billion

China's total trade volume with the West is over $1 Trillion

China's trade volume with Russia is meager and poorly US$110.75 billion

So, do you really think China is ready to jeopardize their $Trillion trade with the West because of the small US$110.75 billion trade with poor Russia?

EU alone is China's largest trading partner so do you think China is ready to throw that away because of Russia

China's economy is at the mercy and the goodwill of the West, not Russia, Russia is a poor country with no tangible export apart from oil and wheat, no industrial production or any global brand, they don't have global consumer goods like cars, clothing, cell phones, industrial machinery.

This is why Chinese state-controlled banks, I mean banks controlled by the Chinese governments are enforcing the sanctions against Russia, meaning this is the Chinese government enforcing the sanctions so your theory is dead on arrival

China is to economically close and dependednt on the West than Russia, Russia is pretty mmuch a bad market.

6 Likes 1 Share

Re: Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by NGpatriot: 5:10pm On Mar 03, 2022
seanfer:
Agreed that they want to open new accounts with Chinese banks. The main thing is that they can't access their savings in US/EU banks. And who are those that will deal with them when Sanctions are flying up and down like Canal mosquitoes...

Why burn yourself and destroy your economy and business because of Russia?

Not a single country or business is even willing to touch Russia, not even China.
Re: Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by seanfer(m): 5:11pm On Mar 03, 2022
NGpatriot:



China's trade volume with the US is $615.2 billion

China's trade volume with the EU is US$710 billion

China's total trade volume with the West is over $1 Trillion

China's trade volume with Russia is meager and poorly US$110.75 billion

So, do you really think China is ready to jeopardize their $Trillion trade with the West because of the small US$110.75 billion trade with poor Russia?

EU alone is China's largest trading partner so do you think China is ready to throw that away because of Russia

China's economy is at the mercy and the goodwill of the West, not Russia, Russia is a poor country with no tangible export apart from oil and wheat, no industrial production or any global brand, they don't have global consumer goods like cars, clothing, cell phones, industrial machinery.

This is why Chinese state-controlled banks, I mean banks controlled by the Chinese governments are enforcing the sanctions against Russia, meaning this is the Chinese government enforcing the sanctions so your theory is dead on arrival

China is to economically close and dependednt on the West than Russia, Russia is pretty mmuch a bad market.

Do you think person you're educating is ready to learn?

1 Like 1 Share

Re: Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by seanfer(m): 5:12pm On Mar 03, 2022
NGpatriot:


Why burn yourself and destroy your economy and business because of Russia?

Not a single country or business is even willing to touch Russia, not even China.

Some people here don't know that Russia is done for with all the sanctions.
Re: Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by NGpatriot: 5:14pm On Mar 03, 2022
seanfer:


Do you think person you're educating is ready to learn?

Not really, I know many on NL post based on whatever they are thinking, emotions, sentiments, tribal and political considerations in Nigeria instead of facts and realities, but educating them sometimes is community service.
Re: Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by Nobody: 5:19pm On Mar 03, 2022
Pro-Urine supporters be like…

1 Like

Re: Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by sanpipita(m): 5:23pm On Mar 03, 2022
Some people will cry later
Re: Exclusive: Russian Firms Rush To Open Chinese Bank Accounts by sapientia(m): 7:22pm On Mar 03, 2022
What are they going to deposit?

Well, those who still got money left

(1) (Reply)

Thousands Of Protestors In South Korea Demand Withdrawal Of US Army / Tucker Carlson Has Left Fox News / Obama Fried Chicken Is Causing Trouble

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 37
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.