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Ukraine war: US to impose sanctions on Chinese banks for assisting Russia

US is considering slapping sanctions on Chinese financial institutions that are involved in supporting Russia amid its invasion of Ukraine, in an attempt to limit lifelines for Russian military production.

Written by  Shgun S -- May 11th 2024 08:35 PM
Ukraine war: US to impose sanctions on Chinese banks for assisting Russia

Ukraine war: US to impose sanctions on Chinese banks for assisting Russia

Ukraine war: The US is considering slapping sanctions on Chinese financial institutions that are involved in supporting Russia amid its invasion of Ukraine, in an attempt to limit lifelines for Russian military production.

During a meeting with Chinese President Xi Jinping last month, US State Secretary Antony Blinken pushed Beijing to stop its military backing for Moscow.


"I made it clear that if China does not address this problem, we will," Blinken said later.

Washington is mulling measures to keep banks out of the American financial system.

Earlier in December, US President Joe Biden authorised the Treasury Department to impose secondary sanctions against financial institutions in third countries that helped Moscow evade sanctions, according to Nikkei Asia.

The Biden administration was concerned that letting the flow of supplies from China would keep Moscow's soldiers at bay and put Ukraine's goal of launching a counterattack next spring beyond reach.

The Treasury Department has already started taking action.

Last month, it imposed sanctions on 10 Belarus-linked organisations and 12 individuals suspected of assisting Russia's military sector in obtaining components. These included Shenzhen 5G High-Tech Innovation, a Chinese company formed by a Belarusian government official, according to Nikkei Asia.

- ANI

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