₦airaland Forum

China’s top banks have complied with US sanctions and are no longer issuing letters of credit to Russia after Ukraine invasion.
No less than two of China’s largest state-owned banks have restricted financing meant for the purchase of Russian goods.

Industrial & Commercial Bank of China Ltd.’s offshore units stopped issuing U.S. dollar-denominated letters of credit for purchases of physical Russian commodities ready for export, Bloomberg reports.

This act will consequently weaken the economic power of Moscow.


A source told the publication that Bank of China Ltd has also curbed financing for Russian commodities based on its own risk assessment.

The boycott has highlighted China’s close relation with Russia as they are their main supply of energy. However Russia’s economic weight pales in comparison to Western nations that buy many of China’s exports and control its access to the dollar-dominated international financial system.

ICBC’s Moscow branch alone had close to $1 billion of assets by the end of 2020 and offered an extensive range of yuan-denominated services, including deposits, lending, cross-border settlement and trade finance.

Bank of China, Agricultural Bank of China Ltd and China Construction Bank Corp all have operations in Russia.

Source: https:///Ukraine-Vs-Russia-China-Deliver-Heavy-Blow-Cripple-Moscow

Russia is a goner here..your closest Ally is so wise not to indulge themself in evil..good one from China..let's see where Putin will get his money from..the oligarchs asset are on hold.. economy is down.. most of your people are not doing very well..
Your source of revenue is going down one by one...the world is against Russia here..

I don't know what banks China is playing because they are equally eyeing Taiwan.

Another media coke and bull stories with no proof

Good

Good one if not lip service.

The two countries are birds ofa feather.

FERNANDEZISBACK:
Russia is a goner here..your closest Ally is so wise not to indulge themself in evil..good one from China..let's see where Putin will get his money from..the oligarchs asset are on hold.. economy is down.. most of your people are not doing very well..
Your source of revenue is going down one by one...the world is against Russia here..

we all know Russia and China are husband and wife.. So even if wife no cook for husband for a day.. They know how to settle it in bed .... Stop masturbating on russia thread, they don't care about ur feelings and yes Ukraine is winning this war in CNN, nairaland and twitter im yet to see a single thread in favor of Russia abi na catapult them carry go the war

heniford2:
Another media coke and bull stories with no proof

i swear the way is America media vs russia

dvkot:
we all know Russia and China are husband and wife.. So even if wife no cook for husband for a day.. They know how to settle it in bed .... Stop masturbating on russia thread, they don't care about ur feelings and yes Ukraine is winning this war in CNN, nairaland and twitter im yet to see a single thread in favor of Russia abi na catapult them carry go the war

And you had to share this nonsense you wrote.. yourself?
Haha what a clown.m

Very soon there will be a coup in Russia

FERNANDEZISBACK:
And you had to share this nonsense you wrote.. yourself?
Haha what a clown.m

.... Keep masturbating

dvkot:
.... Keep masturbating

I am deal with it..