Exclusive-G7 plans to warn small Chinese banks over Russia ties, sources say
WASHINGTON - U.S. officials expect the Group of Seven wealthy democracies to send a tough new warning next week to smaller Chinese banks to stop assisting Russia in evading Western sanctions, according to two people familiar with the matter.
The United States and its G7 partners - Britain, Canada France, Germany, Italy and Japan - are not expected to take any immediate punitive action against any banks during the summit, such as restricting their access to the SWIFT messaging system or cutting off access to the dollar. Their focus is said to be on smaller institutions, not the largest Chinese banks, one of the people said.
Daleep Singh, deputy national security adviser for international economics, told the Center for a New American Security this week that he expected G7 leaders to target China's support for a Russian economy now reoriented around the war. Washington is poised to announce significant new sanctions next week on financial and nonfinancial targets, a source familiar with the plans said.
That has pushed Chinese companies to small banks on the border and stoked the use of underground financing channels or banned cryptocurrency. Western officials are concerned that some Chinese financial institutions are still facilitating trade in goods with dual civilian and military applications. The U.S. has sanctioned smaller Chinese banks in the past, such as the Bank of Kunlun, over various issues, including working with Iranian institutions.
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