US widens sanctions on Russia to discourage countries such as China from doing business with Moscow
6 months, 4 weeks ago

US widens sanctions on Russia to discourage countries such as China from doing business with Moscow

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Wednesday's package targeted Chinese companies which help Russia pursue its war in Ukraine and raised the stakes for foreign financial institutions which work with sanctioned Russian entities. “The Chinese leadership is not interested in making these sanctions a success,” said Janis Kluge, a Russia sanctions specialist at the German Institute for International and Security Affairs in Berlin Beijing, Kluge said, is reluctant to stop a valuable trade is worth large amounts of money and it does not want to “add to the pressure on Putin in this war." As well as China, the U.S. targeted businesses in Turkey and the United Arab Emirates which officials said sent high-priority items to companies in Russia, including to businesses which were already sanctioned. While President Xi Jinping may not want to facilitate Western sanctions on Russia, “Chinese banks have always been very careful not to become a target of secondary sanctions because it would be very costly,” Kluge said, pointing to cases where Chinese banks have ended relationships with Russian customers.

History of this topic

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