G7 leaders plan to discuss targeting small Chinese banks that help Russia evade sanctions and support its war economy, with new measures expected to be announced.
With Western officials looking to hamper Beijing's support for a Russian economy reoriented around the war in Ukraine, China’s smaller banks have emerged as a new target. How to deal with the small Chinese financial institutions that are helping Moscow evade Western sanctions will be a top agenda item at the Group of Seven G7 summit in Italy on June 13-15. U.S.
The United States and its partners have so far been reluctant to go after Chinese financial institutions over their Russian links, particularly the major banks because sanctions could have ripple effects across the global economy and increase tensions between Beijing and Washington. Senior U.S. officials have said Beijing is providing Moscow with drone and missile technology, satellite imagery, machine tools, and other dual-use goods, and stepped up their criticism of Beijing in recent months.
Chinese Banks Russian Economy Western Sanctions Dual-Use Products U.S. Sanctions China-Russia Trade Financial Institutions Geopolitical Tensions International Banking
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