Russian Firms Rush To Open Chinese Bank Accounts

The Moscow branch of a Chinese state bank has seen a surge in enquiries from Russian firms wanting to open new accounts, Reuters 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.

It was not clear how widespread Russian demand for new accounts at Chinese banks was, but the banker source told Reuters many of the companies seeking new accounts do business with China and that he expected yuan transactions by such firms to increase.