Chinese banks in Russia have stopped dollar, euro trade settlements, says source

MOSCOW, June 13 — Russian affiliates of Chinese banks have stopped processing settlements for Russia-China trade in dollars and euros, a person familiar with the situation at Chinese banks operating in Russia told Reuters today.

New US sanctions that forced Russia’s leading exchange to halt dollar and euro trading led to a range of varying prices and spreads as trading moved over-the-counter (OTC) today, obscuring access to reliable pricing for the Russian currency. — Reuters