Exclusive-China firms go 'underground' on Russia payments as banks pull back

To settle payments for its electrical goods, the Guangdong-based company is considering using currency brokers active along China's border with Russia, said the company's founder, Wang, who asked to be identified only by his family name. The U.S. has imposed an array of sanctions on Russia and Russian entities since the country invaded Ukraine in 2022. Now the threat of extending these to banks in China - a country Washington blames for "powering" Moscow's war effort - is chilling the finance that lubricates even non-military trade from China to Russia.

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