Bank of China‘s restrictions on transfers from Russia to the US and the EU will not undermine the Russian economy. So, in a conversation with Lenta.ru, Mikhail Belyaev, candidate of economic sciences, financial analyst, assessed the consequences of the decision of the Chinese bank.
Earlier it became known that the Bank of China limited the transfers from Russia to the banks of the European Union, the USA, Switzerland and Britain. The restrictions apply to those Western banks that use the Bank of China as their main correspondent bank for RMB transfers.Mikhail BelyaevEconomist “If we continue to insist on making these payments and try to make them, then we may face restrictions already from the United States or the European Union. Then the funds sent by us or us will get stuck in the channels of circulation and payments will not reach either side. This money will be lost. Therefore, the Bank of China has temporarily limited such payments and settlements,” Belyaev explained.The economist said that there is a way out of this situation for both corporate clients and individuals. “The banking industry is designed in such a way that you can always find a workaround that will allow you to make payments between two counterparties. There is also a Chinese UnionPay payment card that is used. And, on the other hand, no one canceled the possibility of cash payments,” he added. Mikhail Belyaeveconomist Earlier it became known about the connection of Russian financial institutions to the Chinese analogue of SWIFT. It was clarified that more than 30 Russian banks have already connected to the CIPS transfer system.