Russian firms find it difficult to get paid by China amid US sanctions

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Russian firms find it difficult to get paid by China amid US sanctions - Business Standard

Quick Summary:

Some Chinese buyers of Russian farm goods have also been experiencing issues with payments this month, a person at a Russian agricultural trading firm said.

A major energy exporter’s yuan-denominated transaction from China this month went smoothly, even though some banks have stopped working with Russia, the firm’s top executive said.

The central bank said in a July report on macroeconomic and financial trends that it had observed “a decrease in the degree of openness in the Russian economy, which is reflected in a decline in the share of imports and exports in GDP, and an increase in the role of domestic demand and production.