Home SECURITY Banks of Armenia, Kazakhstan and Hong Kong block payments for electronics for Russia

Banks of Armenia, Kazakhstan and Hong Kong block payments for electronics for Russia

Banks of Armenia, Kazakhstan and Hong Kong block payments for electronics for Russia


Banks of Armenia, Kazakhstan and Hong Kong block payments for electronics for Russia

Due to problems with payment and supplies, Russia may face a shortage of electronics in the near future.

Due to the risk of falling under US sanctions, banks from Armenia, Kazakhstan and Hong Kong began to refuse to pay for electronics supplies for Russian legal entities. This applies to servers, microcircuits, processors and other components that are included in the 8542th group of TN VED. About it informs Kommersant, citing sources.

According to experts, this may lead to a shortage of such products in the Russian Federation in the next six months. Suppliers are trying to get around the restrictions using other HS codes or alternative payment methods. However, this increases the cost of equipment and complicates logistics.

Sources of the publication said that problems with paying for electronics have arisen in the past two weeks due to the tenth package of US sanctions, which threatens banks working with the Russian Federation. The sanctions affect any provision of money, goods or services to or from blocked persons. According to one of the interlocutors, Russian companies have to either import electronics under “alternative” TN VED codes, or “supplied equipment as a whole assembly.”

Another source close to the government added that the payment block also applies to the latest generation of telecom equipment, as well as storage and servers. The Ministry of Industry and Trade did not provide comments. The Central Bank said that “compliance procedures for specific foreign banks depend on their internal policies and may have varying degrees of rigidity.”

The head of the Russian-Asian Union of Industrialists and Entrepreneurs (RASPP), Vitaly Mankevich, said that some colleagues had problems paying for components and other electronics through Hong Kong banks. According to him, partners from Hong Kong say that “the situation with payments is difficult and is associated with sanctions pressure.”

According to sources, the compliance control of banks has long been strengthened for the 84th and 85th groups of TN VED, problems can arise with almost any group of goods, for example, with printers, but so far this is happening selectively and unpredictably. According to the source, not all Armenian or Hong Kong banks block payments, and the suppliers themselves are starting to use “other methods of making payments.”

Usually, payment for the goods is made using commercial letters of credit, which indicate the purpose of payment. Money on the account is reserved for the delivery of certain goods and debited after delivery. If the goods are sanctioned, the money will not be reserved. It should be noted that banks check all payments from the Russian Federation manually.

One source said that Kazakh banks have also tightened control over transactions for sanctioned products, including electronics. It is impossible to purchase equipment directly from the manufacturing country, and it becomes more difficult through third countries, so in six months or a year Russia may face a shortage of sanctioned products. In addition, due to the tightening of control over the supply of electronics through Kazakhstan, distributors began to change routes, laying them through China, Kyrgyzstan and the United Arab Emirates, which increases the cost of equipment.


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