₦airaland Forum

Banks in the United Arab Emirates (UAE) have been rejecting payments from Russian companies for electronic components and consumer electronics from China since the beginning of August, with the payment chain disrupted due to the risks of secondary sanctions, according to Kommersant, citing market participants.

Transactions are being declined when the purchased goods do not enter the UAE. Russian organizations used companies in the UAE as a way to transfer money to Chinese firms, but the goods were shipped directly to Russia.

Payments through the UAE were advantageous due to low commissions. According to the publication, the blocking is being initiated by the Chinese side.

“About 10-20% of all laptops in Russia are supplied through channels in the UAE, and for other categories of goods, the share can reach 30%,” said one market participant.

Analysts believe that by the end of 2024, Russia may face a shortage of consumer electronics and components that were paid for through these countries, with prices potentially rising by 5-10%.

Earlier, it was reported that Chinese companies are increasingly refusing to supply goods directly to Russia due to concerns over secondary sanctions from the United States. Additionally, Chinese banks have been returning payments from Russia for already delivered goods.

Akwamkpuruamu:
Even Sunni Arabians hates Putin.


Whatcha say WriterNg

aybabz101:
Global politics is very funny!

Why cant Russia trade directly with China? Coz i believe they are allies...or what's the function of their BRICS

And why will UAE be scared of trading with Russia?

Is Russia not a strong critic of Israel? or is UAE indirectly supporting the Isreali's.....

Just a complex dynamics of global politics...

TheEasyGoingMan:
War is not good.

id911:
Continue your propaganda. You'd eventually fade out as usual 🤣😂😅

RealLordZeus:
UAE not scared of trading with Russia, The Chinese are..

To be honest, The Chinese are not to be trusted, they have a plan

Naira-Yuan deal failed because of their cold feet too

They wont join any country in direct confrontation, i believe their plan is to let everyone fight while they dominate the ashes

Botragelad:
No. China stays where it is until the US says otherwise.

You have to love Uncle Sam! Lol

atiku4President:
This will be a master stroke against Putin's administration

aybabz101:
Global politics is very funny!

Why cant Russia trade directly with China? Coz i believe they are allies...or what's the function of their BRICS

And why will UAE be scared of trading directly with Russia?

Is Russia not a strong critic of Israel? or is UAE indirectly supporting the Israeli's..

Just know say ...."No permanent enemy"