MOSCOW: Several Russian companies are rushing to open Chinese bank accounts as sanctions by the United States, EU, Japan, and Canada have started disrupting the money flow, according to a Reuters report.
The report noted that the Moscow branch of a Chinese state bank has seen a surge in enquiries from Russian firms intending to open new accounts.
“Over the past few days, 200-300 companies have approached us, wanting to open new accounts,” a person who works in the Moscow branch of the Chinese bank told Reuters.
The move from Russian companies comes at a time when several western countries and entities are trying to shut off Russia's economy from the global financial system.
