China firms go 'underground' on Russia payments as banks...

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2024-04-28 23:59:34 - Translate -

China firms go 'underground' on Russia payments as banks pull back

An appliance maker in southern China is finding it hard to ship its products to Russia, not because of any problems with the gadgets but because China's big banks are throttling payments for such transactions out of concern over U.S. sanctions. To settle payments for its electrical goods, the Guangdong-based company is considering using currency brokers active along China's border with...

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