Entrepreneurs spoke about a new problem with payments from Russia to China

Some Russian businessmen have begun to receive payments from CHINA for goods already delivered, Vedomosti writes, citing entrepreneurs, as well as law firms, freight forwarders and others.

Thus, one of the importers spoke about the return of payment in yuan three months after payment; by that time the goods had been received and cleared through customs. Another entrepreneur also waited about three months for the payment to go through in a Chinese bank; the funds were also returned after customs clearance and receipt of the products. Another businessman received his payment back four months later, although he was sure that the funds had been transferred to the counterparty. A different situation arose for Vedomosti’s fourth interlocutor: the Chinese supplier notified him that he could not receive payment from the bank, and therefore decided to return the money .

Partner at the Nordic Star law office, Andrey Gusev, said that their clients have encountered such problems, but there is no talk of mass refunds of payments. Commercial DIRECTOR of the forwarder RM Logistic, Evgeniy Farenets, on the contrary, assures that such cases are becoming widespread.

According to the entrepreneur, the following often happens: the Chinese supplier, after partial prepayment, ships the goods to the Russian buyer with the condition of full payment within five days after shipment, but then a problem arises with payment on the side of the bank in China. The funds are stuck in the bank, the cargo is in the port or somewhere else. In some cases, customs clearance is carried out, and the parties agree on alternative payment schemes.

Problems with Russian payments in China have been observed for more than six months. This happened against the backdrop of tightening Western restrictions, in particular threats for banks to fall under secondary US sanctions . Among the new problems reported in July-August are the reluctance of banks in China to work with the yuan associated with RUSSIA, and the refusal of small Chinese banks to accept Russian payments.

Russian President Vladimir Putin said that sanctions against third countries involved in economic activities are illegitimate and “beyond the scope of common sense.” He assessed the situation as damaging to the global economy. According to the HEAD of state, solutions to these problems can be found, they “one way or another must be supported at the state level.”