PRC banks do not cooperate with Russian credit organizations that fell under sanctions, the head of the Otkritie Bank Mikhail Zadornov told the Russian media.
“Chinese banks fully observe all sanctions restrictions established by the American Ministry of Finance. For example, they do not work with sanctions Russian banks,” he said.
Bank of the Otkritie fell under the most stringent sanctions one of the first – immediately after the start of the war, the US Treasury included it in the SDN list.
Now there are already seven Russian systematic banks on this list – this is more than half. Among them is Sber, VTB, “Opening” of Alfa-Bank and others. Having included them in the SDN list, the US Treasury was banned by American banks and legal entities to carry out any operations with them. In addition, all assets of banks and structures where they own control were blocked in American jurisdiction.
All of them were turned off, including from the SWIFT system, so shortly after getting into the SDN list, banks stopped all transfers abroad.
Two more systematic banks – Rosselkhozbank and the Moscow Credit Bank – the European Union simply turned off the SWIFT system, imposing special sanctions.