Voice of America - VOA News on Nostr: Chinese Bank Cuts Ties to Russian Importers ========== Chouzhou Commercial Bank, a ...
Chinese Bank Cuts Ties to Russian Importers
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Chouzhou Commercial Bank, a major Chinese bank for Russian importers, has ceased operations with Russian and Belarusian companies. Other Chinese and Hong Kong banks are also tightening regulations around transactions with Russia to comply with Western sanctions. The decision is related to U.S. President Joe Biden's December 22 executive order that strengthened sanctions on financial institutions aiding the Russian military. Russian analysts predict short-term logistical delays and potential shortages or inflation for Russian consumers. Despite the increased costs, the decision is not expected to paralyze Russia's economy. Chinese Sinologist Aleksei Chigadaev suggests that China prioritizes its relationship with the U.S. over Russia, but others argue that China and Russia are drawing closer. The Chinese government is working with Russia to resolve the commercial problems between the two nations.
#China #Russia #Banking #Sanctions #Trade
https://www.voanews.com/a/chinese-bank-cuts-ties-to-russian-importers-/7482048.html
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Chouzhou Commercial Bank, a major Chinese bank for Russian importers, has ceased operations with Russian and Belarusian companies. Other Chinese and Hong Kong banks are also tightening regulations around transactions with Russia to comply with Western sanctions. The decision is related to U.S. President Joe Biden's December 22 executive order that strengthened sanctions on financial institutions aiding the Russian military. Russian analysts predict short-term logistical delays and potential shortages or inflation for Russian consumers. Despite the increased costs, the decision is not expected to paralyze Russia's economy. Chinese Sinologist Aleksei Chigadaev suggests that China prioritizes its relationship with the U.S. over Russia, but others argue that China and Russia are drawing closer. The Chinese government is working with Russia to resolve the commercial problems between the two nations.
#China #Russia #Banking #Sanctions #Trade
https://www.voanews.com/a/chinese-bank-cuts-ties-to-russian-importers-/7482048.html