UAE banks began to block payment for electronics from China supplied to Russia

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Banks in the United Arab Emirates (UAE) have begun to reject payments for electronics from Russian companies. This was reported by the publication  «Kommersant » with reference to market participants.

As far as we know, UAE banks have begun to block payments in cases where paid equipment from other countries does not actually arrive in the UAE. Previously, Russian importers actively used companies in the UAE as a way to transfer funds for electronics to China. At the same time, the goods were immediately sent to Russia. About 10-20% of all laptops purchased abroad pass through the supply channels in the UAE to Russia, while the share in other categories of electronic industry goods can reach 30%.

According to the sources of the publication, the Chinese side initiates the blocking of payments. Recall that Chinese banks, due to sanctions risks, began blocking Russian payments for electronics back in the spring.