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Russian bank subsidiariesReuters
•76% Informative
Trade between Russia and China ballooned to a record $240 billion in 2023 .
Trade with Beijing has become more important to Moscow since it sent its army into Ukraine in February 2022 .
U.S. imposed sanctions last week on the only Russian bank branch in China .
But President Vladimir Putin 's Chinese visit last month has helped ensure the two countries have payment alternatives.
The second banking source said non-sanctioned Russian banks were still acceptable to Chinese partners, but U.S. restrictions are a killer blow, with even specially authorised Chinese banks halting settlements. Russian companies can now either open an NRA account with a Chinese bank or create a Chinese subsidiary and open accounts domestically, the person said. (Reporting by Reuters in Moscow ; Writing by Alexander Marrow ; Editing by Alexander Smith ).
VR Score
87
Informative language
94
Neutral language
31
Article tone
formal
Language
English
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53
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Attention-grabbing headline
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Time-value
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