Chinese banks are tightening restrictions on payments from Russia, fearing US sanctions and potentially hindering Russia's war effort.
Chinese banks have tightened their restrictions on payments from Russia out of fear of triggering U.S. secondary sanctions . Will this make an impact in choking off Russia ’s war machine Finding Perspective The latest batch of information on this comes from the Russia n newspaper Kommersant, which reported at the end of July that trade between Russia and China is getting ever more difficult, with some payments between partners taking up to six months to be processed.
This latest round of pressure originated back in December 2023 when the United States authorized secondary sanctions targeting financial institutions involved in trade linked to Russia's military industry. This prompted global banks from China to the United Arab Emirates, Turkey, and Austria to reduce transactions with Russia to avoid getting in the crosshairs. The payment issues were also exacerbated in June when the U.S.
Russia Sanctions Payments War US Secondary Sanctions Financial Institutions Trade Ukraine
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