China's Chouzhou Commercial Bank halts settlements with Russia - Vedomosti

China's Chouzhou Commercial Bank, a key settlement channel for Russian importers, has halted operations with Russia, Vedomosti newspaper reported on Wednesday, citing businessmen and consultants. Vedomosti, citing one of the sources, said the transactions were halted via various payment systems, including SWIFT, Russia's SPFS and China's CIPS.

China's Chouzhou Commercial Bank, a key settlement channel for Russian importers, has halted operations with Russia, Vedomosti newspaper reported on Wednesday, citing businessmen and consultants. Transactions were halted following an executive order, signed in December by U.S. President Joe Biden, which threatens penalties for financial institutions that help Russia circumvent sanctions, as Washington seeks to increase pressure on Moscow.

Chouzhou Commercial Bank was not immediately available for comment. Vedomosti, citing one of the sources, said the transactions were halted via various payment systems, including SWIFT, Russia's SPFS and China's CIPS.

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