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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsICBC and Bank of China have stopped doing business with Russia - STATE OWNED BANK
Industrial & Commercial Bank of China Ltd.s offshore units stopped issuing U.S. dollar-denominated letters of credit for purchases of physical Russian commodities ready for export, two people familiar with the matter said. Yuan-denominated letters of credit are still available for some clients, subject to approvals from senior executives, the people said, asking not to be identified discussing private information.
The move followed Russias invasion of Ukraine, which triggered a wave of sanctions from countries including the U.S., the U.K. and Japan and stoked speculation that more may follow. Because commodity-linked letters of credit are issued so frequently, they would be among the first transactions impacted by the threat of sanctions.
Bank of China Ltd. has also curbed financing for Russian commodities based on its own risk assessment, another person said. The lender has yet to receive explicit guidance on Russia from Chinese regulators, two people said.
https://www.bloomberg.com/news/articles/2022-02-25/chinese-state-banks-restrict-financing-for-russian-commodities
This tells me where the CCP stands on Russia.
AlexSFCA
(6,139 posts)roamer65
(36,745 posts)They want Siberia.
AZLD4Candidate
(5,698 posts)BGBD
(3,282 posts)is an ally, or atleast a good one. They aren't going to stand with anyone when it gets tough or inconcenient to do so. They are 100% self-interested and will do whatever they feel benefits them most economically. At the end of the day, there is more value for China to remain on relatively friendly ground with the US than to not.
Vinca
(50,276 posts)If China can get an advantage out of this, they will. Putin assumed they were best bud dictatorships, but he made a bad assumption.
MarineCombatEngineer
(12,393 posts)MarineCombatEngineer
(12,393 posts)is probably much like the Hitler/Stalin "alliance" before Germany attacked Russia, seems I might be right.
We'll see.
PortTack
(32,773 posts)China did not become the financial giant it is by dealing with risky partners like Russia! China too doesnt want to piss off the US. They need us
AZLD4Candidate
(5,698 posts)We can always relocate our industrial and commercial investments into other countries.
They can't replace ours at all. China is solely dependent on foreign investment.