Russian firms rush to open Chinese bank accounts as sanctions bite: sources

A handful of Chinese state banks operate in Moscow. - Bloomberg

SHANGHAI (Reuters): The Moscow branch of a Chinese state bank has seen a surge in enquiries from Russian firms wanting to open new accounts, a person familiar with the matter said, as the country's businesses struggle with international sanctions after its invasion of Ukraine.

"Over the past few days, 200-300 companies have approached us, wanting to open new accounts," the person, who works at the Moscow branch of a Chinese state bank and has direct knowledge of its operations, told Reuters.