An expert explained the tightening by Chinese banks of checks on payments from a number of countries

Banks in China are minimizing their risks in terms of secondary sanctions as much as possible, said Alexander Kiselev, Director of the Corporate Block of the Corporate Business Department of the BBR Bank, explaining why credit institutions in China have tightened checks on payments from the United Arab Emirates (UAE), India and Hong Kong. He told Izvestia, explaining why Chinese credit organizations have tightened checks on payments from the United Arab Emirates (UAE), India and Hong Kong.

Earlier in the day, it was reported that Chinese banks have recently begun to conduct additional checks on payments passing through a number of countries. Ilona Gorsheneva-Dolunts, a representative of the "Support of Russia" in China (Guangdong Province), told Izvestia. She specified: they make sure that the shipment of batches of goods was to the country where the money came from.

"Chinese banks <...> minimize their risks in terms of secondary sanctions as much as possible. Often it is easier for a Chinese bank to refuse a questionable payment than to try to understand the economic essence of the contract and the connections of the counterparties," Kiselev specified.

According to him, at present Russian entrepreneurs need to carefully choose a bank to service foreign currency contracts, focusing primarily on its experience, expertise and payment capabilities with Chinese banks.

"And, of course, in the current realities, the bank should prompt its clients to find the best ways to make mutual settlements with foreign counterparties," the expert added.

On a state-by-state schedule: PRC banks tighten checks on payments from UAE, India and Hong Kong

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Earlier, on November 13, Christina Tantsyura, managing chair of the Exporters and Importers Association's committee for the UAE and the Gulf, said that there are difficulties with payments in Africa because the banking system is in a "vacuum." The system is not connected to the international system.