Leading Chinese bank halts operations in Russia, Belarus
kyivindependent.com
Major Chinese banks have reportedly strengthened their compliance with Western sanctions after new U.S. restrictions targeting financial institutions that help support Russia's war effort were announced in December 2023.

Cross-posted from: https://feddit.de/post/8693080

China’s Chouzhou Commercial Bank has notified its clients in Russia and Belarus that it is ending all of its operations there due to payment issues associated with Western sanctions, the Russian state-controlled media outlet Vedomosti reported on Feb. 7, citing sources.

The news appears to be related to enhanced restrictions the U.S. announced in December 2023 to target financial institutions that help support Russia’s war effort. The measures expanded sanctions authority over any financial institutions “determined to have conducted or facilitated any significant transactions…or provided any services” for already sanctioned individuals or companies involved in Russia’s military-industrial complex.