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Russian firms show interest in opening accounts with Chinese banks because of sanctions
About 200-300 Russian companies have approached a branch of a Chinese state-owned bank in Moscow in recent days to open accounts there, Reuters reports citing a source. The publication does not name the source, but indicates that he works in that bank.
The interlocutor said that many companies willing to open accounts in a Chinese bank do business with China. He also believes that such firms will increase the volume of operations in yuan.
Branches of the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China and the China Construction Bank are operating in Moscow. Reuters failed to receive comments from the banks’ representatives.
Reuters also asked a Chinese businessman having long-term ties with Russia to comment on the situation.
“It's pretty simple logic. If you can't use US dollars or euros, and the US and Europe stop selling you many things, you have no choice but to turn to China. This trend is inevitable,” he commented.