Heihe Rural Commercial Bank (HHRCB), located in Heihe City, Heilongjiang Province, China, occupies a key position in the regional financial system.
China's Heihe Rural Commercial Bank stopped accepting payments from Russia after being hit by European Union sanctions.
The European Union has imposed sanctions on two Chinese banks and five companies based in China as part of another round of sanctions against Russia over its invasion of Ukraine. According to a statement from the European Council, the banks targeted are Heihe Rural Commercial Bank Co. and Heilongjiang Suifenhe Rural Commercial Bank Co. According to the EU, they were listed for providing cryptocurrency services that undermined the objective of the sanctions.