Us lifts sanctions on 11 Russian banks!

The Russian news agency RIA Novosti reported on November 8 that the U.S. Treasury Department took an unusual measure to allow energy-related transactions with 11 Russian financial institutions.

The list of banks subject to sanctions relief is as follows:

(1) State Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank; 

(2) Public Joint Stock Company Bank Financial Corporation Otkritie;
 
(3) Sovcombank Open Joint Stock Company; 

(4) Public Joint Stock Company Sberbank of Russia; 

(5) VTB Bank Public Joint Stock Company; 

(6) Joint Stock Company Alfa-Bank; 

(7) Public Joint Stock Company Rosbank;
 
(8) Bank Zenit Public Joint Stock Company; 

(9) Bank Saint-Petersburg Public Joint Stock Company; 

(10) National Clearing Center (NCC); 

(11) the Central Bank of the Russian Federation. 

It is reported that this lifting of the ban will last until April 30 next year, and whether it will be extended after the expiration is still unknown.
In addition, it is worth noting that the lifting of the ban is only limited to energy-related transactions, such as the production, processing, transportation and procurement of energy resources such as oil, gas, coal and timber.

Since the beginning of this year, foreign trade people in the Russian market have encountered the problem of payment being returned and being audited for a long time, especially the difficulty of collecting foreign exchange in some industries is extremely high.

According to Chinese customs statistics, in the first nine months of 2024, the trade volume between China and Russia was $180.357 billion, an increase of 2 percent year-on-year. Among them, China's exports to Russia reached 83.148 billion US dollars, up by 2.4%.

Trade with Russia may change in the future, so those who export to Russia must pay attention to the changes and keep an eye on the progress.