Chinese banks impose territorial restrictions on Russian counterparties / Comment / Vedomosti

Some Chinese banks have introduced territorial restrictions on opening accounts for local suppliers working with Russian importers. They do not allow the Chinese to open accounts if the supplier tries to do so outside the province where it has its main activities, five sources from the importers and intermediaries told Vedomosti.

“Such cases are becoming more frequent, but it is difficult to assess the extent of the phenomenon due to the lack of official data. Incidents may also depend on the position of certain banks or provincial authorities,” Andrei Gusev, Managing Partner at Nordic Star Law Offices, points out in his commentary for Vedomosti.

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