Posted 1/16/2024, 4:36:59 PM
Chinese Banks Cut Ties with Russian Firms over US Sanctions Fears
- China's state-owned banks are tightening funding to Russian clients over fears of U.S. secondary sanctions
- At least 2 banks ordered reviews of Russian business and plan to cut ties with sanctioned clients
- Banks will also stop providing services to the Russian military sector
- This comes after U.S. threatened secondary sanctions on firms helping Russia's war effort
- The move reflects China's ambivalence toward Russia since the invasion of Ukraine