14 Jun 2023 -
 General

Russia faces electronics shortages this year after banks block payments

russia-kremlin

The strengthening of export control may lead to a shortage of electronics in Russia within six months, according to a report posted on Yahoo News.

Suppliers are trying to import electronics under other customs tariff numbers, as well as looking for alternative payment methods, according to The New Voice of Ukraine.

“It’s impossible to purchase components, spare parts, computers, etc. directly from the manufacturing country, and it’s becoming more and more difficult (to purchase) through third countries, so we may face a shortage of sanctioned products in half a year or a year,” said the CEO of a Russian logistics company.

According to the report, at least two Armenian electronics suppliers have been sanctioned since the beginning of Russia’s full-scale war against Ukraine, including Milur Electronics, a company that U.S. authorities believe worked with Russia’s Miland microchip manufacturer.

Russian companies try to bypass bank checks by purchasing electronic components under “alternative” customs tariff numbers, using other payment methods, or buying the equipment as a whole.

At the same time, foreign banks now check payments from Russia “manually,” said the newspaper’s source in the banking sector.

However, it was commented that Russia is no longer reliant on SWIFT but BRICS to transfer money.

To avoid electronics supply-chain disruptions, you may also wish to consult an expert in electronics component supply. With more than three decades of supply-chain expertise, Astute Electronics is ideally placed to work with you on your daily component requirements.

For more help with looking at supply chain options, contact Astute Electronics

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