China’s banks could face US sanctions over Russian support – WSJ

The US is developing financial sanctions against Chinese banks to stop China’s support for military production by Russia, which is close to defeating Ukraine in a “war of attrition,” the Wall Street Journal reported, citing sources.


China's banks could face US sanctions over Russian support - WSJ

According to the published material, US Secretary of State Anthony Blinken and other senior cabinet officials fear that “Russia may defeat Ukraine in a war of attrition”. Also, United States policymakers hope for an end to Beijing’s “commercial support for Russian military production.”

“The United States is devising sanctions that threaten to cut off some Chinese banks from the global financial system, arming Washington’s chief envoy with diplomatic leverage,” the newspaper reported.

According to the newspaper, against the backdrop of Blinken’s visit to Beijing, US officials are counting on the threat of losing access to the dollar and worsening trade relations with Europe to persuade China to stop supporting Russia. The possible imposition of sanctions against Chinese banks is an escalation option in case diplomatic attempts fail to persuade Beijing to limit exports, US officials believe.

We shall remind you that earlier the Chinese newspaper Global Times wrote that the West’s attempts to increase sanctions pressure on Russia and China will not succeed. In its view, Beijing is determined to protect its interests, and Russian-Chinese relations show great potential.