Russian Traders Reel From China Payment Problems

Only 10 percent of Russian traders have been able to pay suppliers for goods from China this month, their struggles further highlighting the risks of foreign business dealings during the Kremlin’s military campaign in Ukraine. Cautious Chinese banks, wary of running afoul of U.S. rules that threaten secondary sanctions for aiding in any way President Vladimir Putin’s wartime economy, appear to be conducting lengthy due diligence checks before releasing rubles to local recipients, with some yuan and dollar payments going through, The Moscow Times said on Tuesday. Russian importers told the online newspaper that making cross-border transactions was like “paying…