Leading Chinese bank halts operations in Russia, Belarus
kyivindependent.com
Major Chinese banks have reportedly strengthened their compliance with Western sanctions after new U.S. restrictions targeting financial institutions that help support Russia's war effort were announced in December 2023.

China’s Chouzhou Commercial Bank has notified its clients in Russia and Belarus that it is ending all of its operations there due to payment issues associated with Western sanctions, the Russian state-controlled media outlet Vedomosti reported on Feb. 7, citing sources.

Russian and Chinese payment systems still produce records viewable by Western regulators regardless of their SWIFT usage. Western sanctions enforcers have been putting increased pressure on Chinese banks to access transactions associated with Russia.

    • sepi@piefed.social
      11·
      7 months ago

      It seems like many humans would like to see solutions that work immediately (unlike what is possible in the real world). Sanctions do work, but they take time, just like everything else.

  • mindlight@lemm.ee
    9·
    7 months ago

    But guys… Remember, according to Putin everything’s a okay and the Russian economy is booming…

  • MrMakabar@feddit.de
    6·
    7 months ago

    That is the “no limits” friendship between Russia and China. NThat is “no limits” to the Russian wealth China is willing to extrect from China as long as they do not have other better options.