Chinese state-owned company Sinosure that insures export supplies against the risk of non-payment has begun to refuse to cooperate with Russian entrepreneurs, Russian newspaper Vedomosti reported on Nov. 5, citing four unnamed sources from importing companies.
Sinosure, a Chinese state-funded insurance company, was founded in 2001 to promote Beijing's trade development and cooperation. When a foreign importer agrees with a Chinese supplier to defer payment, it reportedly turns to Sinosure for delivery insurance.
Trade between Russia and China has reportedly surged by 121% since 2021, underscoring Beijing's role as Moscow's economic lifeline.
According to Vedomosti's sources, Russian business has recently faced difficulties with Sinosure.
One of the Chinese suppliers told a Russian importer, citing internal policies, that the company refused to insure their deal because of the nature of the exported goods.
Another Russian unnamed entrepreneur told the outlet about several cases of zeroing the limit on delivery amount for companies from Russia. At least three suppliers have recently informed another Russian source that their company has been blacklisted by Sinosure, according to Vedomosti.
In its interaction with Russian individuals, Sinosure has begun to act similarly to Chinese banks and refuses to insure exports of goods whose list coincides with the blacklist of the large state-owned Bank of China, sources told the newspaper.
Since July, China has tightened export controls on military and dual-use products, the Moscow Times reported.
Beijing has positioned itself as neutral in the ongoing war but has deepened economic ties with Russia and become Moscow's leading source of dual-use goods, feeding the Russian defense industry.
Martin Fornusek
(Updated: )
