Against the backdrop of new US sanctions against russia, Chinese state-owned banks are tightening restrictions on financing russian clients. This was reported by Bloomberg, UNN.
Details
According to the sources, at least two banks have ordered a review of their russian business in recent weeks, focusing on cross-border transactions.
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The publication adds that banks will also sever ties with clients on the sanctions list and stop providing any financial services to the russian military-industrial complex, regardless of the currency or location of the transactions.
The interlocutors also note that Chinese banks are stepping up customer due diligence, including checking whether their business registrations and ultimate beneficiaries are from russia.
Addendum
The checks will also be extended to non-russian clients who do business in russia or transport important goods to russia through third countries.
It is noted that the Chinese government avoids providing any major military assistance to Russia, but provides diplomatic support to Russia and intensifies trade with moscow in areas not prohibited by sanctions.
Recall
US President Joe Biden has signed an executive order authorizing Washington to impose sanctions on financial institutionsthat help Russia evade sanctions.
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