Stop Doing
Business with Russia
Russia initiated aggression against Ukraine in 2014. On February 24, 2022, it started a full-scale military invasion to the Ukrainian territory. This brutal war and military crimes of Russian troops caused a humanitarian crisis in Ukraine with thousands civilians killed and millions becoming refuges. As a reaction to this act of aggression, many international companies decided to leave the Russian market, while some others continue doing business there as usual. We track such decisions of companies and urge them to stop funding the war.
Hold off investments: company postponing future planned investment/development/marketing while continuing substantive business
Pausing InvestmentsReducing Activities: company scaling back some business operations while continuing others
Scaling BackPause operations: company temporarily curtailing operations while keeping return options open
SuspensionClean Break: the company completely halting Russian engagements or exiting Russia
WithdrawalExit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exit Completed
Initially ceased financing of deals involving Russian commodities. The largest Chinese state banks - Bank of China, ICBC, China Construction Bank - refuse to accept payments from banks from the Russian Federation that have come under sanctions. There are four banks with Chinese capital operating in Russia. The two largest Russian banks owned by Chinese credit organizations are Bank of China (101.5 billion rubles of assets as of January 1, 2022) and ICSIB Bank (93.8 billion rubles of assets). They belong to the largest financial groups of the PRC — Bank of China and Industrial and Commercial Bank of China (ICBC), respectively. Their Russian "daughters" increased their assets several times in 2022, and the profit - tens of times. Bank of China restricts Russian transfers of yuan to E.U., U.S. Bank of China (BoC) significantly increases its capital, assets and Net profit in Russia in 2022 vs 2021. The Central Bank has set individual values for capital adequacy ratios for two Chinese banks, which are 1.5-3 percentage points lower than the minimum required in the Russian Federation. Without waiting for the expiration of its license, Bank of China, one of the largest Chinese banks, which acted as a clearing agent, that is, de facto carried out all yuan transactions, refused to work with the Moscow Exchange.
Curtail Russian access to capital markets. There are four banks with Chinese capital operating in Russia. The two largest Russian banks owned by Chinese credit organizations are Bank of China (101.5 billion rubles of assets as of January 1, 2022) and ICSIB Bank (93.8 billion rubles of assets). They belong to the largest financial groups of the PRC — Bank of China and Industrial and Commercial Bank of China (ICBC), respectively. Their Russian "daughters" increased their assets several times in 2022, and the profit - tens of times. The Central Bank has set individual values for capital adequacy ratios for two Chinese banks, which are 1.5-3 percentage points lower than the minimum required in the Russian Federation.
China's Belt and Road spending in Russia drops to zero. Received revenues in Russia in 2021-2024. Revenue increased in 2024 vs 2023 by more than +30%.
Russian companies openned accounts with the bank; decline to comment. Later, the largest Chinese state banks - Bank of China, ICBC, China Construction Bank - refuse to accept payments from banks from the Russian Federation that have come under sanctions. Two more structures of Chinese banks operate in Russia: the Russian China Construction Bank owned by China Construction Bank (assets of 20.5 billion rubles at the beginning of 2022), and China Agricultural Bank (11.8 billion rubles), the owner of which is Agricultural Bank of China. According to the financial indicators of China Construction Bank, its assets have tripled over the past year, to 60.6 billion rubles.
Russian companies open accounts with the bank; decline to comment. Two more structures of Chinese banks operate in Russia: the Russian China Construction Bank owned by China Construction Bank (assets of 20.5 billion rubles at the beginning of 2022), and China Agricultural Bank (11.8 billion rubles), the owner of which is Agricultural Bank of China.
Crypto exchange Bybit initially didn't plan to sanction russian users despite MAS call. But later, following Binance, crypto exchanges OKX and Bybit closed operations with sanctioned Russian banks on p2p platforms. Users from Russia took first place in the number of visits to the Bybit cryptocurrency exchange in April 2024. The share of Russian traffic on the Bybit exchange reached 27% in May 2024 and 26% in April 2025.
Novatek owns a 50.1% stake in Yamal LNG. France’s TotalEnergies and China National Petroleum Corp each control 20%, while China’s Silk Road Fund owns 9.9%.
About 30 Russian banks have already connected to the national Chinese bank transfer system CIPS (Cross-Border Interbank Payment System), which allows you to make payments in yuan.
Harbin Bank, which in 2015 partnered with Sberbank of Russia to establish a platform for Sino-Russian financial cooperation, in 2022 launched a department dedicated to promoting cross-border business with Russia.
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.
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.
The Chinese payment company Helipay is negotiating with three Russian banks to organize cross-border payments between companies in the two countries.
Offices operating in Moscow, did not answer for Reuters' calls for commenting on that. The three largest banks in China have stopped accepting payments from Russian sanctioned financial organizations, Izvestia found out. We are talking about Industrial and Commercial Bank of China (ICBC), China Construction Bank and Bank of China. This decision is associated with the risks of secondary sanctions.
Trafigura said in a statement on Wednesday 13/07/2022 that its 10 per cent stake in Vostok Oil, a gargantuan Arctic development backed by Russian president Vladimir Putin, had been sold to “an independent Hong Kong registered trading company”, Nord Axis Limited.
Governor of the Moscow Region Andrey Vorobyov and Advisor to the General Director of Shanghai Gong Zi Machinery Manufacturing Co. Jia Yulong signed an agreement within the framework of SPIEF-2024 to create an assembly production of components for ATMs.
Continuing to operate in Russia. Did not return CNBC's request for comment. (Largest video game company in the world)
"Micron" not only disrupts deliveries, but also loses price competition. Chinese companies XH Smart Tech and Watchdata sell chips for 0.9 dollars (approximately 72 rubles) per piece, and micron chips cost 156 rubles. apiece.
"Micron" not only disrupts deliveries, but also loses price competition. Chinese companies XH Smart Tech and Watchdata sell chips for 0.9 dollars (approximately 72 rubles) per piece, and micron chips cost 156 rubles. apiece.