I am a Breaking News Reporter at Forbes, with a focus on covering important tech policy and business news. Graduated from Columbia University with an MA in Business and Economics Journalism in 2019. Worked as a journalist in New Delhi, India from 2014 to 2018.
The U.S. government is working on sanctions targeting some Chinese banks amid concerns they are enabling trade with Russia and fuelling its war efforts against Ukraine, the Wall Street Journalthe Journal, the sanction effort is driven by concerns about trade between China and Russia, which the U.S. believes has helped Moscow rebuild its military and put it in a strong position to fight a long attritional war with Ukraine.
While China has not sold any weapons to Russia since Russia invaded Ukraine, Washington believes the sale of dual-use items like chips, circuitry, machines and tools—which both have civilian and military uses—have helped prop up Russia’s arms industry. Citing unnamed U.S. officials, the report added that the draft sanctions, which threaten to cut the targeted banks from the global financial system, are an “escalatory option” that will be used only if diplomatic efforts to resolve the issue fail.
If the sanctions are implemented, the fallout could be severe as they would cut the targeted financial institutions from accessing the U.S. dollar, impacting their ability to conduct global trade and potentially leading to these banks failing and their customers getting hit.Beijing about its exports to Russia. It is unclear, however, if the threat of severe sanctions will prompt China to curb its ongoing trade with Russia.
Beijing China Bank Sanctions China Russia Weapon Sales Dual-Use Components
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