Russia confirmed that the Chinese bank Chouzhou has stopped settlements with Moscow

By Rhod Mackenzie

Russian importers can no longer use Chouzhou Commercial, a Chinese bank that was previously their main settlement center. Transactions have been halted through both SWIFT and the Russian SPFS with the Chinese CIPS. According to the Deputy Chairman of the Board of SME Bank Alexey Potapov, this was not unexpected news.

In early December, money from correspondent accounts of this bank began to return to Russian financial institutions. Businesses are already adapting to new realities. Russian entrepreneurs whose Chinese counterparts had settlement accounts with Chouzhou Commercial should consider asking their partners to open correspondent accounts with other Chinese banks.

The organization of small and medium-sized enterprises, 'Opora Rossii', also confirmed that Chouzhou Commercial Bank has ceased settlements with Moscow.
On January 17, it was reported that Turkish banks had suspended processing payments from Russia. Tatyana Kulyabina, General Director of Holding Finance Broker, stated that this issue would cause significant losses for the Turkish economy.

On February 1, Kremlin spokesman Dmitry Peskov attributed the tightening to pressure from US representatives on Ankara.