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Russians open accounts at Chinese banks

In light of Western sanctions over the invasion of Ukraine, Russian companies are looking to open bank accounts at Chinese financial institutions. “In recent days, we have been approached by 200 to 300 companies that want to open new accounts,” an unnamed employee of the Moscow branch of a Chinese state-owned bank told Reuters on Thursday. Many of these companies do business with China, according to the statement. It is expected that transactions with the Chinese currency yuan will increase.

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