Major Chinese Bank Halts All Settlements With Russia – Vedomosti

A key Chinese bank used by Russian importers has stopped all settlements with Russia, setting the stage for a “logistics collapse” in the coming weeks, the business daily Vedomosti reported Wednesday, citing anonymous businesspeople and financial consultants familiar with the matter. Chouzhou Commercial Bank, which became the main transaction channel for Russian importers after the invasion of Ukraine, reportedly notified clients last week that it was terminating relations with all Russian and Belarusian organizations.