Arab Canada News
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Published: January 16, 2024
Chinese state-owned banks intend to tighten restrictions on financing Russian clients, following the United States imposing secondary sanctions on foreign financial companies that assist Moscow in the war in Ukraine, according to people familiar with the matter.
Bloomberg News Agency reported that the people who declined to be identified said that at least two banks issued orders to review their Russian business over the past weeks, focusing on cross-border agreements.
The people said the banks will stop communication with clients listed on the sanctions list, and will also prevent providing any financial services to the Russian military sector regardless of the currency or where the banking transaction is conducted.
Thursday, 03 July 2025
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