Some Chinese banks are turning to document couriers to evade sanctions on Russia and keep trade moving: Reuters

• Chinese state banks are winding down transactions with Russia to avoid US sanctions.
• Smaller local banks are taking over their place to keep trade flowing.
• However, they lack the necessary IT systems and staff to handle cross-border transactions, reports Reuters.

Chinese state banks have halted transactions with Russia over fears of getting entangled in US sanctions, but smaller financial institutions are taking their place, Reuters reported on Friday.

Some smaller local Chinese banks are still processing payments with Russia because they do not have global businesses to worry about.