Since the conflict between Russia and Ukraine, the United States has repeatedly suppressed Chinese companies on the grounds of Russian-related factors. Under the current situation, foreign trade companies exporting to Russia must pay attention. Non-USD transactions will also be sanctioned!

The Russian Foreign Trade Bank (VTB) only serves central enterprises and state-owned enterprises, and generally does not do so for private enterprises. But even so, the queue time is even 3-4 months. It uses the Russian-owned self-settlement system, which may be a problem in the future. The most stable channel for collecting money from Russia during this period.

Freight forwarder payment

In addition to direct payment from the bank, there is also a method of payment by freight forwarder, which must also be implemented according to the specific bank’s policy.

From China Construction Bank, Bank of China, Industrial and Commercial Bank of China to China Merchants Bank, Bank of Shanghai, Bank of Ningbo, Tailong Bank, China CITIC Bank, Bank of Communications, China Guangfa Bank, Ping An Bank and Shanghai Pudong Development Bank, some accounts are opened on the same day and collected the next day. Notification of inability to collect payment.

It is understood that banks will operate internally according to the restriction list mentioned above. As long as the products involved are not included in the list and have previous transaction records, generally speaking, they can still receive Russian remittances normally.

Some people also reported that the four banks of China Construction Engineering Corporation, China Construction Bank, China Merchants Bank and China Construction Bank were able to collect corporate RMB normally, but some Russian buyers failed to withdraw money because they were involved in sanctions. Now this has become a common problem. It is reported that the following banks implement this:

Bank of China: Bank of China was the first to put forward compliance requirements, requiring products not to be subject to restrictions and sanctions.

Kunlun Bank: You can open a virtual account, but it also needs to be within the unlimited range.

China Construction Bank: You can only collect payment after seeing the customs declaration form, but you cannot collect advance payment.