Major announcement: full resumption of payments to Russia!

Huanchun Bank resumes collection!

It has been a month since Hunchun Bank started upgrading its system on the 9th of last month. All upgrades have finally been completed, and it has announced the resumption of collection from Russia.

Many customers opened other border banks in addition to Hunchun Bank, such as Changchun Rural Commercial Bank and Suifenhe Bank. These banks are based on the Hunchun Bank system and are currently resuming operations one after another.

Although some banks have resumed operations, they have not notified customers. Therefore, customers who have opened accounts in these banks need to contact their account managers to confirm to ensure that they can use the Russian payment collection service smoothly.

Earlier, according to new news, the Russian payment collection system added four new members in June: Jilin Bank, Changchun Rural Commercial Bank, Changchun Development Bank, and Yanbian Rural Commercial Bank. These four banks will jointly use the ruble channel of Hunchun Bank for transactions.

G7 leaders warn small Chinese banks

According to Huanqiu.com, in order to curb Sino-Russian trade, the Group of Seven will issue a new severe warning to small Chinese banks during the summit on June 13, asking them to "stop assisting Russia in evading Western sanctions."

According to Reuters, G7 leaders are expected to discuss the impact of Sino-Russian trade on the Russian-Ukrainian conflict during the closed-door meeting and discuss measures to deal with this problem, that is, to warn small Chinese banks, but the specific content and format have not yet been determined, and further negotiations are needed to reach a result.

Reuters also quoted informed sources as saying that the warnings that the G7 will issue to small Chinese banks do not involve taking substantive punitive measures, such as kicking these banks out of the US dollar settlement system or cutting off their access to US dollars.

Regarding the G7 plan to warn small Chinese banks, China's attitude is very clear. Foreign Ministry spokesman Lin Jian bluntly stated that China does not accept any illegal unilateral sanctions, and the normal economic and trade cooperation between China and Russia will not be sabotaged or interfered with by any third party. China will take all necessary measures to firmly safeguard the legitimate rights and interests of Chinese companies.

The scope of use of CIPS continues to expand

Boris Titov, Russian chairman of the Russian-Chinese Friendship, Peace and Development Committee, pointed out at the 9th International Forum "Russia and China: Cooperation in a New Era" that there is a possibility of resolving the bank settlement issues between Russia and China.

He stressed that many Russian local banks have begun to turn to China's cross-border payment system (CIPS) to meet current needs.

Titov said: "Regarding the interbank settlement issues we are concerned about, solutions exist. Getting rid of dependence on the SWIFT system is the key, and many local banks are already using China's CIPS system as an alternative. It is expected that the use of RMB payments in the CIPS system will be further expanded."

Boris Titov said that changes in bank settlement methods have greatly promoted Sino-Russian trade. In 2023, the bilateral trade volume between China and Russia reached 240 billion US dollars, of which Russia's imports from China increased by nearly 47% to 111 billion US dollars. Through the Russian Direct Investment Fund (RDIF), Russia and China have successfully implemented dozens of investment projects.