Russian companies are rushing to open bank accounts in a Moscow branch of a Chinese state-owned bank, anonymous sources told Reuters, adding that Russian companies are facing serious problems due to sanctions.
“In the last few days, about 200 to 300 companies have approached us with a request to open new accounts,” said the same person, who works at a Chinese state-owned bank branch in Moscow and is aware of its operation.
Reuters comments that it is not clear how widespread this practice is among Russian companies, but the banking source added that some of the companies are already cooperating with China and that they expect an increase in yuan transactions.
Western governments are excluding the Russian economy from the global financial system, forcing international companies to cut sales, sever ties and reject tens of billions of dollars in investments. read more
China has repeatedly stated its opposition to sanctions, calling them ineffective and insisting that it maintain normal economic and trade exchanges with Russia.
Not all Chinese banks approached by Reuters declined to comment.
A Chinese businessman with long-standing ties to Russia, who also did not want to be named, said many Russian companies he works with are now planning to open yuan accounts.
“It’s very simple. If you can not use US dollars or euros and the US and Europe stop selling a lot of products, you have no choice but to turn to China. The trend is inevitable, “the source told Reuters.
As more and more Western companies leave Russia, the willingness of emerging giants such as China to maintain business relations with Moscow highlights a deep rift over Europe’s biggest crisis since World War II.
This trend could threaten the disappearance of the US dollar from world trade.
On the other hand, small Chinese exporters are suffering from the fall of the ruble and many are suspending deliveries to avoid possible losses.
The Russian currency fell a record high against the yuan on Wednesday, having lost almost 40% of its value against the Chinese currency last week.
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