Chinese Banks in Russia Halt Dollar and Euro Trade Settlements

Russian affiliates of Chinese banks have ceased processing settlements for Russia-China trade in dollars and euros. This decision follows new U.S. sanctions that disrupted Russia's leading exchange, causing OTC trades to obscure reliable pricing for the Russian currency.

Russian affiliates of Chinese banks have stopped processing settlements for Russia-China trade in dollars and euros, a person familiar with the situation at Chinese banks operating in Russia told Reuters on Thursday.

New U.S. sanctions that forced Russia's leading exchange to halt dollar and euro trading led to a range of varying prices and spreads as trading moved over-the-counter (OTC) on Thursday, obscuring access to reliable pricing for the Russian currency.