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    Banks in Armenia, Kazakhstan, and Hong Kong block Russian payments for electronics amid sanctions threat

    Banks in Armenia, Kazakhstan, and Hong Kong block Russian payments for electronics amid sanctions threat

    Amid the looming threat of sanctions, banks in Armenia, Kazakhstan, and Hong Kong have taken steps to block payments originating from Russia for various electronic products such as servers, microcircuits, processors, and telecommunications equipment, "Kommersant" reports.

    Source: Pixabay

     

    Suppliers are now attempting to import these electronics under different product codes and exploring alternative payment methods. Experts warn that the increased export control measures by friendly countries could result in a six-month shortage of these goods within Russia.

    Sources within the electronics market have observed an uptick in cases over the past two weeks, where banks in Kazakhstan, Armenia, and Hong Kong have encountered payment blocks for Russian entities engaged in foreign economic activities, particularly related to commodity nomenclature code 8542, which encompasses processors, microchips, and similar goods. This situation arises from concerns over potential repercussions for banks collaborating with Russia under the latest round of US sanctions.

    The imposed restrictions apply to designated individuals or entities involved in transactions for goods or services. Consequently, Russian companies are now compelled to import crucial components for computer production, servers, data storage systems, and other equipment using alternative codes.

    Another source familiar with government matters revealed instances of payment blocks related to the delivery of advanced telecommunications equipment and servers.

    The Central Bank clarified that the procedures followed by foreign banks depend on their internal policies, which may vary in terms of stringency during different periods.

    Vitaly Mankevich, the head of the Russian-Asian Union of Industrialists and Entrepreneurs, noted the challenging situation described by Hong Kong partners. However, another source indicated that not all banks in Armenia or Hong Kong are currently blocking payments, and suppliers have begun exploring alternative payment methods.

    10.06.2023, 08:16   Comments (0)   1479
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