Chinese Banks Lend Billions to Russia Amid Western Sanctions: FT
The Bank of China (BOC) headquarters in Beijing, China.
Source: Bloomberg
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China’s biggest banks are extending billions of dollars to Russia as sanctions pressure western lenders to exit the country, according to a Financial Times report.
Since Moscow’s invasion of Ukraine in February 2022, western regulators have cracked down on Russia by imposing sanctions and urging banking institutions to pull back on operations in the country. Chinese lenders are now filling the gap, the newspaper said.