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US prepares sanctions against Chinese banks for assisting Russia in war

US prepares sanctions against Chinese banks for assisting Russia in war Anthony Blinken and Xi Jinping (Getty Images)
Author: Maria Kholina

The United States is developing sanctions that would cut off certain Chinese banks from the global financial system. Washington hopes this move will halt Beijing's financial support of Russian military production, according to The Wall Street Journal.

China had heeded warnings from the West not to send weapons to Russia since the beginning of the conflict. However, after last year's visit by Secretary of State Antony Blinken to Beijing, Chinese exports of commercial goods with military applications to Russia sharply increased.

As China is now the main supplier of schematics, aircraft parts, machinery, and tools, U.S. officials say Beijing's assistance has allowed Moscow to rebuild its military-industrial complex.

Blinken is visiting China this week, and the question is whether this significant financial threat can affect Sino-Russian trade.

Last week, Blinken criticized China's support for the Russian military industry, stating that Beijing had made a significant contribution to Moscow's war against Ukraine by supplying critically important components for armaments, the publication writes.

In recent weeks, US officials have intensified pressure on China, warning that Washington is ready to take action against Chinese financial institutions facilitating the trade of items with both commercial and military applications.

Beijing has provided diplomatic and economic support to Russia since the beginning of the Russian invasion of Ukraine in February 2022. Trade between the two countries has surged, and Moscow has circumvented Western sanctions with the help of Beijing.

Chinese President Xi Jinping visited Moscow and met with Vladimir Putin after the International Criminal Court issued an arrest warrant for the Russian president last year for the abduction of Ukrainian children.