EU proposes sanctions on two Chinese banks for helping Russia dodge trade restrictions

Bloomberg reported the information.

The proposal would ban EU financial institutions from doing business with the two regional banks located near the China-Russia border.

Bloomberg has not named the banks, as the sanctions have not yet been officially announced.

According to one of the documents, the banks are being added to a list of financial institutions suspected of assisting Moscow by processing transactions or providing export financing for trade operations to sidestep EU sanctions.

Some of the banks on the list also offered cryptoasset circulation services that help Russia avoid sanctions.

The new package may also include several Chinese companies already facing EU sanctions.

• Earlier reports said the EU is working on its 18th package of sanctions against Russia. European Commission President Ursula von der Leyen said the new measures would target Russia’s energy and banking sectors.