Washington hopes in this way to suspend Beijing’s financial support for Russian military production.
The United States is developing sanctions aimed at cutting off individual Chinese banks from the global financial system. Washington hopes this will curb Beijing’s financial support for Russian military production. The Wall Street Journal reported this.
China has heeded Western warnings not to send arms to Russia since the start of the war, but since Secretary of State Antony Blinken’s trip to Beijing last year, China’s exports to Russia of commercial goods with military applications have increased dramatically, the media said.
China is now the main supplier of circuits, aircraft parts, machinery and machine tools, the material said. US officials say Beijing’s aid has enabled Moscow to rebuild its military-industrial capabilities.
The question is whether this strong financial threat could affect Sino-Russian trade, the newspaper added.
As we wrote earlier, several Chinese banks, including China’s largest ICBC, as well as China Citic Bank, Industrial Bank and Bank of Taizhou, have stopped accepting payments in yuan from Russia.
Chinese banks block payments from Russia for electronics – media
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.