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Russia's Sberbank suspends settlements in yuan for corporate clients

Reuters
·1-min read
FILE PHOTO: The logo is on display in an office of the Russian largest lender Sberbank in Moscow

(Reuters) - Russian lender Sberbank suspended settlements in yuan for corporate clients from June 7, the bank said on Wednesday.

"Currently, the bank is working with Chinese partners on solving the situation and renewal of the settlements," a company spokesperson said.

It was not immediately clear what lead to the stoppage of the operations in the Chinese currency.

According to several sources, Sberbank also has had difficulties in processing payments in Indian rupees as well.

The bank has said on Tuesday that Indian Potash Ltd and Belarusian Potash Company have been in discussions about settlement details of a potash sale deal in rupees and denied it was responsible for holding up the payments.

Russian companies have tried to cut a number of deals in U.S. dollars and euros in response to sanctions over Moscow's role in Ukraine's conflict.

(Reporting by Reuters)