Leaders of the Group of Seven (G7), who will gather for a June 13-15 summit in Italy hosted by Prime Minister Giorgia Meloni, are expected to issue a stern new warning to small Chinese banks to stop helping Russia evade Western sanctions.
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Reuters writes about this with reference to two people familiar with this issue.
During its closed meetings, the Panel will focus on the threat that growing Sino-Russian trade poses to the war in Ukraine.
According to the information, there are no plans to immediately take tough measures against any banks during the summit by the US and its G7 partners. In particular, one should not expect banks’ access to the SWIFT transfer exchange system to be limited or access to the dollar to be impeded.
The G7 will focus on smaller institutions rather than China’s largest banks, one of the Reuters people said. The result will likely be public statements regarding Chinese banks.
The US is poised to announce significant new sanctions targeting financial and non-financial sectors, according to a source familiar with the plans.
Source: Racurs
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