Bank of China halts transfers from Russia to EU, US, UK, and Swiss banks
The Bank of China has restricted transactions for Russian bank clients to banks located in the EU, US, Switzerland, and the UK, RBC reports , citing Modulbank and Finam representatives. UniCredit and Akibank also reported the same limitations. According to the Modulbank spokesperson, the restrictions affected all the banks that use the Bank of China as the main correspondent bank for yuan transactions. “The decision was not made by China, but rather by the EU and the US.