The US, along with other countries, may take measures against Chinese firms and financial institutions due to the fact that Beijing supports the Russian Federation in the war against Ukraine.
What is known about possible US sanctions against Chinese banks
I think that we are primarily focused on Chinese companies that are systematically involved in supporting Russia. We are also looking closely at financial institutions, US Deputy Secretary of State Kurt Campbell told reporters when asked if Chinese leadership and banks could be targeted for sanctions.
Campbell previously said there was an urgent need for European and NATO countries to send a collective signal of concern to China.
Steps will be taken, not only by the United States, but also by other countries, which will signal our deep dissatisfaction with what China is trying to do in its relations with Russia on the battlefield in Ukraine, he noted.
At the same time, the State Department reported that on May 30, the official met with Chinese Deputy Foreign Minister Ma Zhaoxu and expressed US concern over Beijing's support for the Russian defence and industrial base, which undermines European security.
The G7 is preparing a decision on Western banks for helping Russia
Bloomberg has learned that individual members of the Group of Seven are already discussing tools that could be directed at financial institutions from third countries that use the FSS — Russia's central bank's SWIFT-like financial messaging system — to circumvent trade restrictions.
It is essential to understand that, as of today, more than 150 foreign banks in about 20 countries use the SPFS system.
First of all, we are talking about Putin's allies in the war against Ukraine: Belarus, Armenia, Kazakhstan, China and Tajikistan.
In addition, it is noted that the use of SPFS has tripled in 2023 compared to 2022.
