Top Chinese banks are rushing to ensure they can maintain business ties with Russian clients without running afoul of a barrage of Western sanctions, people with knowledge of the matter told Reuters.
Western nations are tightening an economic noose around Russia following its invasion of Ukraine, shutting its banks from the SWIFT global financial network and pushing global firms to dump billions in investment.
"The sanctions don't apply directly to us and we can loan to Russian entities – but is it wise? Do we approve that loan to that one entity? It's not the best thing to do at the moment, is it?" said an executive at a Chinese-led development bank. The executive said his bank had stopped issuing dollar-denominated credit letters for purchases of Russian commodities, but also that he had not seen any impact on yuan-denominated transactions between China and Russia yet.
All bank sources Reuters spoke to for this story declined to be named as they were not authorised to speak to the media. Amid the sanctions, some Russian firms are scrambling to open accounts with Chinese banks as they look to make greater use of the yuan for trade, sources say. Some branches of overseas Chinese lenders took immediate action to adhere to sanctions -- Bank of China's Singapore operation has stopped financing deals involving Russian oil and companies.
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