Chinese Banks Invoke US sanctions against Russians

Fearandloathing said:

In a move widely seen as siding with the US, Chinese Banks have begun refusing to service Russian off shore accounts. It is a move by independent banks not the Chinese government, but could spell serious trouble for Russian companies as they are being advised to come in a close their accounts.

QUOTE]
BEIJING, September 24. /ITAR-TASS/. Chinese commercial banks have started refusing transferring money of Russian clients through offshore accounts, according to a letter from Ping An Bank seen by PRIME on Wednesday.

The move may be linked with a fear of worsening relations with the US at the backdrop of the crisis in Ukraine, some experts and Russian businessmen said.
China will never support sanctions against Russia — Russian official

“We are sorry to inform you that you need to come to us to close your account. We can no longer service you as your company is somewhat related to Russia,” the bank said in the letter to a commercial company.

ITAR-TASS: Economy - Chinese banks refuse servicing offshore accounts of Russian clients


It is yet another pebble in the stone pile being erected by the west, but will it have consequences on Putin's war?

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Fearandloathing said:

In a move widely seen as siding with the US, Chinese Banks have begun refusing to service Russian off shore accounts. It is a move by independent banks not the Chinese government, but could spell serious trouble for Russian companies as they are being advised to come in a close their accounts.

QUOTE]
BEIJING, September 24. /ITAR-TASS/. Chinese commercial banks have started refusing transferring money of Russian clients through offshore accounts, according to a letter from Ping An Bank seen by PRIME on Wednesday.

The move may be linked with a fear of worsening relations with the US at the backdrop of the crisis in Ukraine, some experts and Russian businessmen said.
China will never support sanctions against Russia — Russian official

“We are sorry to inform you that you need to come to us to close your account. We can no longer service you as your company is somewhat related to Russia,” the bank said in the letter to a commercial company.

ITAR-TASS: Economy - Chinese banks refuse servicing offshore accounts of Russian clients

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CanadaJohn said:

Currently, China gets about 12% of its oil imports from Russia and that's poised to increase over the next decade. If this move is sanctioned by the central Chinese government, and almost nothing gets done there without such moves, this might be bad news for western economies in that it could be signalling that China's economic downturn is perhaps greater than anticipated. Or perhaps the Chinese are simply attempting to garner a better price on oil from the Russians.

Nothing involving China, or Russia for that matter, is ever as simple as it first appears.

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MMC said:

It is yet another pebble in the stone pile being erected by the west, but will it have consequences on Putin's war?

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Fearandloathing said:

Heya F&L. :2wave: Okay that's above board and on top of the table.....whats going on underneath? :lol:

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MMC said:

Now there's the rub as the body rub parlor advertised.....

It strikes me as significant that it is the dedicate banks, removed from the direct authority of the Chinese Banking system, therefore giving them an Obama "it's not my fault." The fact these banks are concerned about reaction from the west, at a time when Cino-American relations are somewhat tense, is another wrinkle in the mix.

And then there is the question whether this was not the result of some pressure from the west.....

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