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New "stab in the back" from Putin's friends: another country blocks payments with Russia

Mongolia started blocking payments with Russia
Mongolia started blocking payments with Russia. Source: Freepik

The countries that Russian dictator Vladimir Putin calls his friends continue to tighten the financial blockade of Russia. This time, it became known that Russian companies in Mongolia had problems with payments.

According to RosMedia, this information was confirmed on May 23 by Alexander Knobel, head of the Foreign Trade Research Laboratory of the Russian Academy of Economic Sciences. He explained that Mongolian banks fear the risk of secondary U.S. sanctions for helping to circumvent restrictions on Russia.

Mongolia followed the example of other countries that have changed their minds about helping Russia circumvent restrictions, such as Turkey, China, and the United Arab Emirates (UAE). Earlier, Russian Ambassador to Ankara Alexei Erkhov admitted that negotiations on unblocking payments from Russia to Turkey have been fruitless since February.

In March, it became known that Russian oil companies faced many months of delays or even blocking of payments from their customers in China, Turkey, and the UAE. These countries have become more cautious about doing business with Russia.

Banks in the three countries have tightened their sanctions compliance requirements, resulting in delays and refusals of money transfers to Russia. Fearing secondary US sanctions, banks began asking their clients to provide written guarantees that no individual or entity on the US SDN (Specially Designated Nationals) sanctions list is involved in the transaction and is not the beneficiary of the payment.

At least several well-known banks have taken such measures: First Abu Dhabi Bank, Dubai Islamic Bank, Mashreq (UAE), Ziraat, Vakifbank (Turkey), ICBC, and Bank of China (China).

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