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Banks of Armenia and Kazakhstan block payments of Russian legal entities in the electronics market; Merchant

Finance

7 June 2023, 13:32

In the past two weeks, suppliers have been increasingly faced with cases where banks in Armenia, Kazakhstan, and Hong Kong have blocked payments to Russian legal entities for goods listed under Foreign Economic Activity (ТН ВЕД) 8542, which includes microcircuits, processors, and other equipment, reported " Kommersant,” citing its sources in the electronics market.

According to the same source, this is due to the tenth round of US sanctions applied in February.

As the site notes, now Russian companies will have to import components necessary for the production of computers, servers, data storage systems (SHD), and other equipment with "alternative" ТН ВЕД codes.

 

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