China’s state-owned banks are tightening restrictions on financing Russian clients after U.S. President Joe Biden signed a decree imposing secondary sanctions on foreign financial companies that help Moscow in the war in Ukraine.
Bloomberg reports, Ukrinform saw.
According to the interlocutors, at least two banks have ordered an audit of their Russian business in recent weeks, focusing on cross-border transactions.
The sources add that banks will also cut ties with clients on the sanctions list and stop providing any financial services to the Russian military-industrial complex, regardless of the currency or location of the transactions.
The interlocutors note that Chinese banks are stepping up customer due diligence, including checking whether their business registrations and ultimate beneficiaries are from Russia.
The checks…
