Chinese banks lend billions to Russia amid Western sanctions - Financial Times
China's largest banks are providing billions of dollars worth of loans to Russia as Western lenders withdraw from the country due to sanctions
This is stated in a report by the Financial Times.
According to the data analysed by the Kyiv School of Economics for the FT, China's four largest banks have quadrupled their influence on Russia's banking sector since the start of Russia's full-scale invasion of Ukraine. These are the Bank of China, the Industrial and Commercial Bank of China, the China Construction Bank and the Agricultural Bank of China. They increased their total exposure to Russia from $2.2 billion in early 2022 to $9.7 billion at the end of March this year.
Speaking to FT, Andrii Onopriienko, deputy development director at the Kyiv School of Economics, who compiled the data said that the loans by Chinese banks to Russian financial institutions show the sanctions are doing their job.
On 31 August, the United States imposed new sanctions against airlines from Russia, including aircraft of Russian companies engaged in business travel. The US list now includes 297 aircraft of Russian companies