The US has imposed sanctions on Russia and Russian entities since 2022, and there are concerns that these sanctions may be extended to Chinese banks.

This has created challenges for small Chinese exporters, and the appliance maker is considering using currency brokers along the China-Russia border as an alternative payment method.

Ukrainian firefighters are working to contain a fire at Karazin Kharkiv National University's Economy Department building, which was damaged during Russian shelling.

Meanwhile, some Chinese companies are turning to small banks and underground financing channels, including money brokers and cryptocurrency, to continue doing business with Russia due to delays and concerns over US sanctions from larger Chinese banks.

Chinese banks have increased their scrutiny of Russia-related businesses to avoid sanctions from the US.

Transactions between China and Russia may shift to underground channels, but this carries risks.

A Moscow-based Russian banker suggests using cryptocurrency for payments as an alternative, but this is also banned in China.

The banker from one of China's Big Four state banks spoke anonymously about the heightened scrutiny.

Sources claim Chinese banks have halted or intensified scrutiny of Russia-related transactions since last month.

The head of a trade body in a southeastern province warned of the risks associated with using underground channels.

Anonymous sources told Reuters that some transactions between China and Russia have shifted from major banks to less transparent routes due to international sanctions against Russia.

China's foreign ministry and relevant authorities, including the People's Bank of China and the National Financial Regulatory Administration, did not comment on the matter.

US Secretary of State Antony Blinken met with China's top diplomat Wang Yi and expressed concern over China's role in funding Russia's war in Ukraine.

The text discusses the recent visit of US Secretary of State Antony Blinken to China, where he met with President Xi Jinping.

The visit marks a step towards easing tensions between the two largest economies, which reached historic lows last year due to public acrimony.

However, there are ongoing threats of US sanctions against Chinese financial institutions facilitating trade with military applications in Russia.

The Chinese foreign ministry has rejected any illegal, unilateral sanctions, and the US does not yet have a plan to implement such measures.

The text also mentions that Chinese banks are curbing payments from Russia, impacting some Chinese companies, and that the US sees this as a threat to Ukrainian and European security.

The spokesperson for the US State Department warned that Beijing cannot improve relations with Europe while continuing to support Russia, which poses a significant security threat to Europe since the end of the Cold War.

US officials made it clear to Chinese officials that ensuring transatlantic security is a core US interest, and if China does not address this issue, the US will take action.

Major Chinese banks have suspended settlements from Russia and reported declines in Russia-related business due to international sanctions, with China Construction Bank and Agricultural Bank of China experiencing drops of 14 percent and 7 percent in assets from their Russian subsidiaries, respectively.

Four major Chinese banks, including Industrial and Commercial Bank of China and Bank of China, reported significant growth in assets of their Russian units.

However, some rural banks along the Russian border are experiencing difficulties in collecting payments, leading to a bottleneck and long wait times for businesspeople looking to open accounts.

A chemical and machinery company in Jiangsu province has been waiting for three months to open an account at Jilin Hunchun Rural Commercial Bank in Jilin province.

The banks did not respond to requests for comment on their Russian businesses or the impact on Chinese companies.

Some rural banks are still able to collect payments from Russia, but the situation is causing uncertainty and potential disruptions.

The text reports that Liu and Wang, Chinese business owners, have faced difficulties in receiving payments from Russian clients due to stricter bank reviews and have given up on the Russian market as a result.

Liu mentioned that the Bank of China (BOC) has blocked a payment from his Russian clients since February.

The manager of a Guangdong company added that they had opened accounts at seven banks but none agreed to accept payments from Russia.

Both Liu and Wang expressed frustration over the slow and annoying process of collecting payments from Russia and are considering reducing their business involvement in the region due to liquidity management concerns.

Calls to the Bank of China for comment went unanswered.

The text is stating that there is uncertainty about the future of a specific channel or platform, and it could potentially be shut down completely.