Posted 1/17/2024, 3:12:00 PM
Chinese Banks Cut Ties with Russian Clients, Cautious on Close Russia Links Amid Ukraine War Sanctions
- Two Chinese state-owned banks severing ties with Russian clients to comply with Western sanctions over Ukraine war
- Banks auditing clients' business registrations, authorized beneficiaries, and controllers to determine ties to Russia's defense industry
- China still heavily reliant on Western markets despite "no limits" partnership declared with Russia
- Chinese banks' actions indicate China has reservations about close Russia ties
- US has imposed additional sanctions aimed at closing loopholes and punishing companies working with sanctioned Russians