China has no intention to limit transactions with Russia

By Rhod Mackenzie

The Deputy Foreign Minister of the Russian Federation, Andrei Rudenko, expressed confidence that all issues regarding settlements between Russia and China, including those related to the financial messaging system (SPFS), will be resolved.

Rudenko denied any indication that China intends to limit interaction through the Bank of Russia's financial messaging system.

“Several Chinese banks are refraining from transactions for now due to fear of falling under sanctions. However, we are confident that this issue will be resolved,” explained the deputy minister. He added that trade between the Russian Federation and China is developing successfully, which is evidence that such problems can be solved successfully.

On Wednesday, Vedomosti newspaper reported that the Chinese Chouzhou Commercial Bank has terminated relations with Russian and Belarusian organizations, according to several businessmen. Dmitry Peskov, the Press Secretary of the Russian President, stated that the Kremlin is aware of the challenges faced by Russian companies in settling with China. He added that a close dialogue is ongoing with partners and that the issues will be resolved within this framework.

It was revealed the day before that cross-border payments were discussed during a phone call between Russian President Vladimir Putin and Chinese President Xi Jinping.