GENERICO.ruRussiaBloomberg: Chinese banks will tighten restrictions on working with Russian clients due to the threat of secondary sanctions

Bloomberg: Chinese banks will tighten restrictions on working with Russian clients due to the threat of secondary sanctions

China's state-owned banks will tighten restrictions on working with clients from Russia after US authorities threatened them with secondary sanctions. Sources report this to Bloomberg.

According to the agency, two banks have already begun to check their Russian business, focusing on cross-border transactions. Their plans are to stop collaborating with people on sanctions lists and those associated with the Russian military.

In addition, according to Bloomberg interlocutors, banks will check their non-Russian clients if they do business in Russia.

At the end of last year, the US Department of the Treasury announced the introduction of secondary sanctions against banks that help Russia purchase foreign equipment necessary for the military industry. Financial organizations were threatened with a ban on opening accounts in the United States and confiscation of property.

Bloomberg notes that since the outbreak of the war in Ukraine, the use of Chinese yuan in the world has increased sharply. The agency attributes this to the fact that after February 2022, Russian companies lost the ability to make payments in dollars, euros and other currencies.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS in this category