Banks from the United Arab Emirates (UAE) in August 2024 began massively blocking payments for supplying Chinese equipment (including laptops, smartphones, etc.) to Russia. This was one of the last channels through which Russian buyers paid for such goods. In the Russian Federation, there has already been talk of a rapid deficit of household appliances and gadgets, residents of the aggressor country are warned: the goods may disappear by the end of the year.
This was reported by the Russian mass media, citing market participants. According to them, in August, UAE banks due to American sanctions began to refuse transactions that were used to pay for the lion's share of Chinese equipment on the Russian market.
- up to 20 % of all laptops;
- 30% of other products from the category of household appliances and electronics.
“Russian organizations used companies in the UAE as a way to transfer money for electronics to China, but the goods themselves immediately went to the Russian Federation ,” explained one of the players in the Russian market.
However, now Emirati banks simply block payments if electronics from other countries do not arrive in the UAE. The initiative comes from the Chinese side, and the reason – in the threat of secondary US sanctions, which Chinese banks have already faced, sources say.
Experts warn: if this continues, goods may simply disappear from sale. This risk will be especially strong until November-December, just before the New Year holidays, when demand traditionally increases.
In another scenario, some part of Chinese equipment will continue to arrive in the Russian Federation. However, prices for it will soar by another 15-20%, and the selection will drastically “sliminize”.
At the same time, China itself remains the main and almost the only supplier of household appliances and electronics to Russia. Accordingly, the disappearance of Chinese goods will lead to a total lack of equipment on sale.