Chinese banks are reducing their work with sellers on Russian marketplaces, fearing secondary sanctions. Kommersant reported, citing a study by Modulbank and PRO Wildberries.
The share of China in the settlements of sellers on Russian marketplaces decreased from 67.8 percent at the beginning of the year to 51.1 percent by August.
According to the authors of the study, Chinese banks, fearing secondary Western sanctions, have increased the timeframe for checking payments coming from Russia. While earlier such measures only concerned goods that required a U.S. license (e.g., electronics), now it also concerns everyday goods.
At the same time, purchases for Russian marketplaces from Belarus, Armenia and Kyrgyzstan have increased several times.
In addition, users of marketplaces began to order Russian-made goods more often, and a significant part of mutual settlements is made in rubles.
In January-August 2024, the share of China in total cross-border payments made by sellers of Russian marketplaces reached 51.1 percent, which is 16.7 percentage points less year-on-year.
