05:34 GMT +313 December 2018
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    Russian Central Bank: Certain Chinese Credit Entities Treat Sanctions 'Broadly'

    © Sputnik / Alexandr Demyanchuk
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    BEIJING (Sputnik) - Certain Chinese commercial banks still interpret sanctions introduced by third states against Russia too broadly, the head of the Russian Central Bank's department in China, Vladimir Danilov, said on Wednesday.

    "There is a range of problems related to the fact that a number of Chinese commercial banks interpret the sanctions introduced against Russia too broadly," Danilov said at the Investment and Financial Capacities at the Russian Capital Market Forum.

    He specified that the Russian Central Bank was engaged in regular related discussions with the People's Bank of China.

    "The events that happened literally two or three days ago show that this problem exists. Two days ago we were solving this problem. The Russian [Central] Bank has sent a related explanation to the People's Bank of China. The People's Bank of China, in its turn,…. has communicated these explanations to its commercial banks," Danilov added.

    In late October, representatives of Russian businesses working in China told Sputnik that they frequently faced problems while carrying out bank transactions in China, with the Chinese banks refusing to provide services to Russian clients in light of the anti-Russian sanctions imposed by Washington.

    The director of the Russian Export Center Group Andrey Slepnev has emphasized that the barriers were imposed in contradiction with the principles of the World Trade Organization (WTO), adding that the search for a solution were being carried out at the intergovernmental level.

    READ MORE: Fitch: Russia 'Copes Well' With New US Sanctions, Economy Resilient to Shocks

    Russian Deputy Prime Minister Maxim Akimov said earlier that Unilateral sanctions and protectionist measures by the United States and its allies would not undermine Russian-Chinese cooperation.

    On August 24, the United States announced that it was imposing sanctions on Russia under the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991 following the March attack on former Russian spy Sergei Skripal in the UK town of Salisbury, which London accused Moscow of. The sanctions targeted Russian state-owned banks, specifically Sberbank, VTB, Gazprombank, Rosselkhozbank, Promsvyazbank and VEB.RF Corporation (formerly Vnesheconombank).

    The Russian Central Bank's Director of Research and Forecasting Department, Alexander Morozov, said Tuesday that the expected impact of possible new US sanctions on Russia's economy would be smaller than it was in 2014-2015.

    READ MORE: China Summons US Ambassador Over Sanctions for Cooperation With Russia — Reports

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    barriers, sanctions, business, banking system sanctions, Russian Central Bank, China, Russia
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