Chinese Bank Suspends Operations with Russia and Belarus Due to Sanctions

Chouzhou Commercial Bank, a major Chinese bank used by Russian importers, has halted all settlements with Russia and Belarus, potentially leading to a logistics collapse and impacting exports until at least March. The bank's transactions have stopped across major payment systems, including SWIFT, China’s CIPS, and Russia’s SPFS, while Chinese cross-border payment systems PingPong and Xtransfer have also halted settlements. The move comes amid Washington's threat to cut off access to its financial system for foreign banks linked to companies supporting Russia’s defense industry, and despite China not joining Western sanctions against Russia, it has largely complied with them.