"Chinese Banks Strengthen Compliance with Russia Amid Secondary Sanctions"

Chinese banks, including Zhejiang Chouzhou Commercial Bank, have halted transactions with Russian firms and tightened compliance checks following US secondary sanctions over Russia's invasion of Ukraine. The move has raised concerns among Russian businesses about potential disruptions in payment settlements, particularly after the Chinese New Year holiday. The Kremlin has acknowledged the issues and stated that it is working with Beijing to address them, as both Russian and Chinese firms seek to navigate the impact of Western sanctions on their trade activities.