Russia-China trade options have narrowed since the U.S. imposed sanctions last week on the only Russian bank branch in China, but President Vladimir Putin's visit to China last month has helped ensure the two countries have payment alternatives, for now, three sources said.
Since Putin's visit, specially authorized banks have been set up in border regions that allow Russian firms to open nonresident accounts (NRA) with Chinese banks, a step that has become more important since VTB's Shanghai branch was targeted with sanctions, they said.
Trade between Russia and China ballooned to a record $240 billion in 2023.