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Bank of China has decided to suspend transactions with the Specially Designated Nationals List to Entity List Prepared by the Office Treasury Department’s Foreign Assets Controls.) – According to information obtained by the Russian newspaper Kommersant.
Nevertheless, the bank does not intend to sever all ties with its Russian partners. It will continue to work with credit institutions that are not subject to sanctions.
Kommersant noted that Chinese banks are responsible for a large part of payment flows between Russia and China, although there is a trend of flows shifting to non-bank intermediaries.
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According to the newspaper, the Bank of China decided to stop processing RMB payments for Russian banks that are on the US SDN list. The change is scheduled to take effect on June 24.
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