Caixin
Mar 08, 2022 09:05 PM
FINANCE

Sanctions on Russia Sound Alarm for Chinese Banks

A view of the head office of VTB Bank in Moscow, Russia, on Feb. 25, 2022. Photo: VCG
A view of the head office of VTB Bank in Moscow, Russia, on Feb. 25, 2022. Photo: VCG

As China’s banks find themselves walking a tightrope amid the deepening economic warfare between Russia and the West, those with international exposure need to take extra care to ensure they avoid being hit by the fallout from U.S. and European sanctions, analysts say.

The U.S. and its allies have imposed sweeping financial sanctions on Russia following its attack on Ukraine, including freezing the assets of its central bank and removing seven Russian banks from SWIFT, the global financial messaging system that links lenders around the world and facilitates international money transfers.

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