According to the news and official reports, Industrial and Commercial Bank of China, Construction Bank of China and other major Chinese commercial banks have refused to accept yuan payments from Russia, with more transactions being blocked coming. These banks clearly stated that those products with H.S codes starting with 84 and 85 are unable to receive payments from Russia. Unfortunately, sealed lead-acid battery is with H.S code: 8507200000.
Delays in payments and other financial activity worries Chinese exporters. Lots of people are urgently waiting on the notice of bank account opening, however, only banks like VTB, Hunchun Bank, Jilin Bank, etc.
Trade between Russia and China has been growing steadily over the years. China is one of Russia's largest trading partners. However, it's important to note that the business relationship between Russia and China is not without challenges. Geopolitical factors and differing economic interests can sometimes create tensions. Trade disputes and regulatory barriers can also pose challenges to business operations. The business situation between Russia and China involves a mix of cooperation and competition, with both countries working to strengthen economic ties while navigating various challenges and opportunities.
Anyway, we're hoping that we can go through this hard time very soon.
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