"Business newspaper Kommersant reported that restrictions by banks in China have been growing since December 2023, when U.S. President Joe Biden issued an executive order that could deny Chinese institutions access to the U.S. financial system if they have been involved in trade linked to Russia's military industry.

The Russian division of the Bank of China last month stopped processing yuan payments with Russian banks that had been sanctioned by the U.S. ICBC, China CITIC Bank and most other Chinese lenders have made similar moves.

Kommersant reported on July 29 that it is becoming even more difficult for Russian companies to make cross-border payments in the Chinese currency.

It said that around 80 percent of payments in yuan are being returned to Russia and the process of a transfer can go on for several weeks and then be canceled without a reason."

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What? You mean all that Putin-Xi flirting was just for domestic consumption?

Dark Brandon Strikes Again!