US prepares sanctions against Chinese banks for helping Russia in war

The United States is developing sanctions that would cut off some Chinese banks from the global financial system. Washington hopes that this will stop Beijing's financial support for Russian military production.

This was reported by The Wall Street Journal.

According to the publication, China has heeded Western warnings not to send weapons to Russia since the beginning of the war, but after Secretary of State Anthony Blinken's trip to Beijing last year, Chinese exports to Russia of commercial goods that also have military applications have increased dramatically.

With China now a major supplier of circuits, aircraft parts, machinery, and machine tools, US officials say Beijing's assistance has allowed Moscow to rebuild its military-industrial capabilities.

Blinken is visiting China this week, and the question is whether this powerful financial threat could affect Sino-Russian trade.

Last week, Blinken criticized China's support for Russia's military industry, saying that Beijing has made a major contribution to Moscow's war against Ukraine by supplying critical components for weapons, the newspaper writes.

In recent weeks, US officials have increased pressure on China, warning that Washington is ready to take action against Chinese financial institutions that facilitate trade in goods with both commercial and military applications.

It should be noted that Beijing has provided diplomatic and economic support to Russia since the beginning of the Russian invasion of Ukraine in February 2022. Trade between the two countries has increased dramatically, and Moscow has been circumventing Western sanctions with the help of Beijing.

Author – Anastasiya Glotova, 23/04/2024