Two Chinese state-owned banks will restrict financing for Russian commodity purchases, suggesting there are limits to Beijing's support for Moscow as the Kremlin confronts severe economic sanctions over its attack of Ukraine.

Offshore units of Industrial & Commercial Bank of China have stopped issuing U.S. dollar-denominated letters of credit for purchases of physical Russian commodities ready for export, while the Bank of China has also limited funding, according to Bloomberg News, citing people familiar with the matter.

Yuan-denominated letters of credit are still available for some clients, pending approval from senior executives.

The move comes after Russia launched a wide-scale invasion into Ukraine, shattering three decades of peace in Europe and eliciting a slew of condemnations and financial penalties from the U.S., European Union and other nations.

It was a surprising twist and points to potential cracks showing in the relationship between Moscow and Beijing. The two countries are frequently geopolitical allies who have united in the past against the U.S.; they have formed increasingly close bonds over recent years, with Russia a key supplier of energy to China.

At the same time, China's biggest banks hold billions of Russian assets. Beijing has also provided Moscow with tens of billions in funding over the years.

But Beijing ultimately has closer economic ties to Western nations, who are much bigger export customers for China, major sources of technology and investment, and also control China's access to the international dollar system.

China has pledged to maintain normal trade with both Russia and Ukraine, despite the latest restrictions from two of its largest state-owned banks.

https://www.google.co.uk/amp/s/www.foxbusiness.com/economy/china-restrict-financing-russia-ukraina-invasion.amp

Lmao bull crap! Keep drinking that kool-aid the western media is feeding you.

It seems China is now the Lending Capital of the world

Na dem sabi.

It will be difficult for you to go to another man's land and win him.

Russian soldiers go collect and so will Ukraine soldiers and civilians as well. Putin will never nuke Ukraine no matter what.

Even before he thinks of it, his country men will overthrow him shaperly. And as for those Nigerian supporting Putin because of their hatred for the West. They don't know what they're wishing for themselves.

If bubu show them paper just as Putin is doing to his own people, none of you will survive it. Putin is a ditector that should be do away with.

That man even have the guts to ban some religion in his country like the Jehovah's witnesses and some Islamic practices as well.

Even China self no go support Russian openly or else they'll collect more sanctions from USA and their allies. The sanction Trump gave them is still shaking their economic self.

Before you come and spew trash that sanctions can't do shit to China. Remember Huawei. Trump nearly cripple that company. They even have to sell their sub-brand Honor just to survive American sanctions.

They manufacture their own OS Harmony but funny thing is that even on their recent smartphones, they're still using Android OS.

So American no be your mate, if you dare them, them go put am for your body wotor wotor. Forget all this hatred, person way pass you, pass you.

When the only friend you have left just bone face and refuse to loan you not even 1 kobo.

These are not ordinary Chinese banks they are state/Government banks controlled by the Chinese President himself.

The writing is on the wall, Russia is in for some serious wahala and the Chinese bans and even the Chinese Government don't want guilty by association because global sanctions could boomerang on them.

cazchi:
Lmao bull crap! Keep drinking that kool-aid the western media is feeding you.

Oga China will never and never openly support Russian. If them dare, them go collect more sanctions. To China it's all about business interests as usual. You want make them go back to their days of little beginning

NGpatriot:
When the only friend you have left just bone face and refuse to loan you not even 1 kobo.

These are not ordinary Chinese banks they are state/Government banks controlled by the Chinese President himself.

The writing is on the wall, Russia is in for some serious wahala and the Chinese bans and even the Chinese Government don't want guilty by association because global sanctions could boomerang on them.

Dem go collect oga. Forget all these yeye Nairaland e-rats supporting them. Give them Visa to USA and Visa to Russia and watch them jump to the same West they so much hate. Russian that bans some religion oh. Even Jehovah's witnesses that hardly have problem with anybody, except carrying big bag and be disturbing people in their houses. And no be say them dey force anybody to listen to them oh. If you like, you can slam your door against them

DLonely1:
It will be difficult for you to go to another man's land and win him.

Russian soldiers go collect and so will Ukraine soldiers and civilians as well. Putin will never nuke Ukraine no matter what.

Even before he thinks of it, his country men will overthrow him shaperly. And as for those Nigerian supporting Putin because of their hatred for the West, don't know what they're wishing for themselves.

If bubu show them paper just as Putin is doing to his own people, none of you will survive it. Putin is a ditector that should be do away with.

That man even have the guts to ban some religion in his country like the Jehovah's witnesses and some Islamic practices as well.

Even China self no go support Russian openly or else they'll collect more sanctions from USA and their allies. The sanction Trump gave them is still shaking their economic self.

Before you come and spew trash that sanctions can't do shit to China. Remember Huawei. Trump nearly cripple that company. They even have to sell their sub-brand Honor just to survive American sanctions.

They manufacture their own OS Harmony but funny thing is that even on their recent smartphone, they're still using Android OS.

So American no be your mate, if you dare them, them go put am for your body wotor wotor. Forget all this hatred, person way pass you, pass you.

The man is actually very follish, egomania and totally dumb.

What's the end game here? Invade Ukraine, remove the government and install his own Russian-friendly government? or just join Ukraine with Russia?

The last time the foolish man installed his puppet in Ukraine, the Ukrainian people revolted and chased tje blow out of their presidential palace.

Besides, Russia is too poor to occupy and militarily maintain and control a country 40 million people or any form of long-drawn-out insurgency.

NGpatriot:



The man is actually very follish, egomania and totally dumb.

What's the end game here? Invade Ukraine, remove the government and install his own Russian-friendly government? or just join Ukraine with Russia?

The last time the foolish man installed his puppet in Ukraine, the Ukrainian people revolted and chased tje blow out of their presidential palace.

Besides, Russia is too poor to occupy and militarily maintain and control a country 40 million people or any form of long-drawn-out insurgency.





C

That man is power drunk. His end is near

Putin the unwise man..let me see how his puppet are gonna react..all I know is he will never achieve his evil motive against Ukraine and the world..

This is just the beginning.

They are in for some total isolation and economically crippling sanctions..

DLonely1:


That man is power drunk. His end is near

I think this is it for him..

DLonely1:


Oga China will never and never openly support Russian. If them dare, them go collect more sanctions. To China it's all about business interests as usual. You want make them go back to their days of little beginning

Lol sanction China? Guy, the world economy will turn to Swiss cheese. You think sey petrol scarce now? u no go even see toothpick use after u don chop fulani cow.

Another misleading headline. Ok click the link and read attentively before falling for this lies