Banks in countries that support russia stop working with rubles because of the risk of being subject to US sanctions

Banks of the United Arab Emirates have begun to reject payments by russian companies for electronic components and consumer electronics from China.

The said payments from russian companies for electronics are blocked, since the goods did not arrive in the UAE, but were sent directly to russia.

Russian companies used the Emirates as an intermediate point for financial transactions with China due to low commissions. However, the Chinese side began to block such transactions due to the risk of US sanctions.

Payment problems arose about a month ago after Chinese banks began demanding proof of origin of funds and customs documentation on the export of goods. According to December of this year, there may be a shortage of consumer equipment and components in russia, and prices may rise by 5-10%, market participants predict.

Instead, the Turkish bank Ziraat, which is owned by the state and ranks first in the country in terms of assets, refuses to conduct operations in russian rubles.

Ziraat stopped opening accounts in rubles without explaining the reasons, and offered customers with active accounts to convert the russian currency into Turkish liras.

Russians doing business in Turkey said that earlier in the bank, ruble transactions were available to clients with a residence permit or a document on the right to work or study in Turkey. However, now the country is having difficulties opening accounts in russian currency.

According to the interlocutors of the agency, other state-owned banks in Turkey have a similar policy to Ziraat.

Turkish banks began to stop operations in liras with russia after the tightening of sanctions by the US Treasury.

Source: The Moscow Times (UAE), The Moscow Times, RIA Novosti (Turkey)