Wednesday, July 24, 2024

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    Chinese banks restrict Russian trade

    China’s two largest state-owned banks have announced stricter rules on trade in Russian goods.

    China’s Industrial and Commercial Bank has stopped issuing US-linked bank guarantees for the purchase of Russian goods ready for export.

    The rules come in the wake of Russia’s invasion of Ukraine, which has led to sanctions against most Western countries, including the United States, Britain, and Japan.

    The Bank of China has also introduced new rules on trade in Russian goods, based on the bank’s risk assessment. According to a Bloomberg report, the bank is now expecting further instructions from the Chinese authorities.

    It is uncertain whether the restrictions on the two banks are temporary, especially in light of the fact that sanctions by other countries have not yet reached Russia’s energy industry.

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