Russian firms rush to open Chinese bank accounts

Re:Russian firms rush to open Chinese bank accounts by xadhominemx on Thursday March 03, 2022 @12:03PM (#30543571)

Chinese banks still need SWIFT, and if we find any Chinese banks using CIPS to do business with sanctioned Russian entities, they will get cut off too and now both Chinese and Russian banks will be screwed.

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Re:Russian firms rush to open Chinese bank accounts by hackerfromthefu on Thursday March 03, 2022 @09:06PM (#30549720)

Wouldn't this just be done with an intermediary?

Russian bank -> disposable temporary bank -> permanent chinese bank

That way the disposable temporary bank is the one that's blacklisted, while the permanent one never did business with the sanctioned entity (directly).

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Re:Russian firms rush to open Chinese bank accounts by xadhominemx on Friday March 04, 2022 @01:56PM (#30558830)

You can’t just add a temporary bank to the SWIFT network, and in any event any new bank that is added to the network or starts engaging in the sorts of transactions they have never engaged in before is going to attract a lot of scrutiny in this period

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