Asian foreign trade companies are forced to cut exports to Russia and seek solutions as economic sanctions and shipping companies suspend bookings
It is reported that some countries exporting goods to Russia have deepened their concerns about the possibility of significant revenue losses for themselves following the imposition of various economic sanctions against Russia by Western countries. The ban on the use of SWIFT international settlement system by some major Russian banks has also created uncertainty over the receipt of payments to Russia.
According to a recent report by Reuters, the EU will exclude seven Russian banks from the SWIFT payment system, namely VTB (Russian Foreign Trade Bank), Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank and VEB, Russia's second largest bank.SWIFT SWIFT said that it will disconnect these seven Russian banks from its network on March 12, as required by EU regulations.
In addition, several major shipping lines, including Maersk and MSC, announced a moratorium on accepting bookings to and from Russia, further hampering exports from various countries to Russia.
According to CCTV news reports, recently, the West's financial and economic sanctions against Russia came one after another, many shipping companies suspended Russian shipping business, China's foreign trade enterprises to Russia are seeking solutions.
Ltd. in Ningbo, Zhejiang Province: Now consider whether there is a way to bypass Europe, directly to St. Petersburg, but at present, it should be more difficult. In the consideration of trains, for example, we transported to the northern part of the place, sea and land mixed method, freight costs will certainly have increased.
In addition to transportation problems, settlement is also the current problem faced by many foreign trade enterprises, SWIFT system suddenly stopped, buyers and sellers need to explore and adapt to the new payment methods. Ltd., Yiwu, Zhejiang Province, a supply chain group chairman: now only through the settlement of RMB, enterprises there and here may still need to adapt to the time.
