Russian Firms Rush To Open Chinese Bank Accounts

Reuters reports:

The Moscow branch of a Chinese state bank has seen a surge in enquiries from Russian firms wanting to open new accounts, a person familiar with the matter said, as the country’s businesses struggle with international sanctions after its invasion of Ukraine.

“Over the past few days, 200-300 companies have approached us, wanting to open new accounts,” the person, who works at the Moscow branch of a Chinese state bank and has direct knowledge of its operations, told Reuters.

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Exclusive: Russian firms rush to open Chinese bank accounts https://t.co/5rBz2ciIGg pic.twitter.com/9KReHbCN9H

— Reuters (@Reuters) March 3, 2022