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How to pay under SWIFT sanctions

Since this February, the West has removed some Russian banks from SWIFT as part of a barrage of sanctions designed to limit Moscow's ability. “This will ensure that these banks are disconnected from the international financial system and harm their ability to operate globally,” said the Western powers.

 

Russian companies switched to potential suppliers in friendly countries and faced the problems of remitting the payment. Here is some collected information on international remittance, especially from Russia to China.  

 

Paypal suspended its service in Russia from late March and West union in Russia and Belarus. Alipay can be an option if you want to pay a small bill out.  

 

My app indicates that PaySend can remit a certain amount of Ruble ₽ to China.

 

And how to remit the payment of shipment via Bank.

 

1. The fastest way is to ask your bank directly whether they could transfer EURO or CNY to your clients' accounts. If it cannot, whether the bank has an affiliate bank in Europe be capable to do so. At the same time, check with your business partners to ensure their banks can receive the transfer from your bank.

 

2. Until May 2022, there are 10 banks on the sanction list. The banks out of the list can be an option to wire money out. 

 

3. Via CIPS: The trade volume between Russia and China has risen up sharply these months, generating the need to transfer money to China. Also, the exchange rate of CNY is attractive now. People can choose CIPS if they want to wire CNY yuan. 

 

Certain banks in Russia have already used CIPS. 

ICBC (Industrial & Commercial Bank of China) has branches in Russia, and naturally can wire CNY out. 

You can find the address and contact on the ICBC Moscow Website:

http://moscow.icbc.com.cn/ICBC/%e6%b5%b7%e5%a4%96%e5%88%86%e8%a1%8c/%e8%8e%ab%e6%96%af%e7%a7%91%e7%bd%91%e7%ab%99/ru/ 

 

 

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