Last December, the U.S. implemented secondary sanctions to prevent Russia from evading the primary ones. These sanctions targeted financial institutions assisting Russia in circumventing the restrictions, causing banks from China, the UAE, Turkey, and Austria to reduce transactions with Russia to avoid becoming sanction targets.
An official from one of China’s four major state-owned banks revealed that they have tightened scrutiny on Russia-related business to mitigate the risks of sanctions. The official stated, “The main reason is to avoid unnecessary trouble.”
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China’s Banks Sanctioned, Making RMB Payments Tougher, Russia’s Trade Restricted
