Banks will cut ties with clients on the sanctions list and stop providing any financial services to Russia’s military sector.
In China, state-owned banks are tightening financing restrictions on Russian clients after the United States approved secondary sanctions against foreign banks that are helping the Russian Federation in its war against Ukraine. Bloomberg reported this, citing sources.
It noted that at least two banks have ordered a review of their business in Russia in recent weeks, focusing on cross-border deals. Banks will cut ties with clients on the sanctions list and stop providing any financial services to the Russian military sector, regardless of the currency or location of the transactions.
According to the publication, the check will be extended to non-Russian clients doing business in Russia or moving critical goods to the Russian Federation through a third country. The move marks an increase in restrictions imposed on China’s state-owned banks since early 2022, after Russia’s invasion of Ukraine triggered a wave of sanctions from countries including the United States.
The US Treasury said it will use secondary sanctions against banks that facilitate Russian deals to buy equipment needed for its war machine, widening its financial fight against Russian dictator Vladimir Putin.
The publication notes that this event highlights the extent to which China is complying with US sanctions, despite fundamentally opposing them and promising to maintain economic ties with Russia.
We remind you that the United States has imposed sanctions against a military training ground and three Russian aircraft.
What could be the next package of sanctions against the Russian Federation?
@font-face {font-family:”Cambria Math”; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-536870145 1107305727 0 0 415 0;}@font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-536859905 -1073732485 9 0 511 0;}p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:””; margin:0cm; mso-pagination: widow-orphan; font-size:12.0pt; font-family:”Calibri”,sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:”Times New Roman”; mso-bidi-theme-font:minor-bidi; mso-font-kerning:1.0pt; mso-ligatures:standardcontextual; mso-fareast-language:EN-US;}.MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-family:”Calibri”,sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:”Times New Roman”; mso-bidi-theme-font:minor-bidi; mso-fareast-language:EN-US;}div.WordSection1 {page:WordSection1;}
New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.