Russia-China trade payments are facing months of delays as sanction fear creates a banking shortage

• Russian oil firms are waiting months to receive payments from trade partners, Reuters reported.
• But secondary sanctions fears are keeping foreign banks from transacting with Moscow.
• To trade with China, Russian firms are flocking to the only bank with a full-fledged Chinese branch.

The threat of secondary sanctions has put off a number of foreign banks from transacting with Russia, and has created months-long delays in payments received by Russian oil firms, Reuters reported.