China, Turkey and UAE are turning away – pressure on Russian banks and politicians is increasing

Przemysl Only a strong last quarter saved Russia’s banks from a year of losses in 2022. And currently it doesn’t look like this year will be any better.

Because even banks from those countries that have so far continued their business with Russia in defiance of Western sanctions are now cutting the connection. These include institutes from China, Turkey, the United Arab Emirates (UAE) and from former Central Asian Soviet republics such as Kazakhstan and Turkmenistan.

Financial institutions such as the Bank of China, the ICBC, the China Construction Bank and others no longer transact with Russian banks sanctioned by the West. This was reported by the deputy head of the major Russian bank Rosbank, Alexander Rachmanin, at an economic conference in Moscow.

Only banks from the second row could work with Turkey. And also in the United Arab Emirates, dollar payments in trade with Russia can no longer be replaced by the local currency dirham.