China is coming under increasing fire from the US and EU over its Russia dealings
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Chinese banks, including Ping An Bank and Bank of Ningbo, have halted yuan transactions with Russia due to Western pressure. The US extended its sanctioning power to target Russia-friendly institutions, leading to payment difficulties for Russian clients. This move is seen as a consequence of the US and EU's increasing pressure on China. The dependency of Russia on China has grown since the Kremlin's war on Ukraine began in 2022, and bilateral trade between the two countries exploded in 2023. However, China's trade with the US is much greater than its trade with Russia. The Western pressure on China is not expected to become an obstacle to the further development of trade and economic relations between China and Russia.

#China #Russia #Us #Eu #YuanTransactions #Sanctions #Trade #WesternPressure

https://www.businessinsider.com/china-russia-secondary-sanctions-foreign-banks-yuan-payments-trade-us-2024-3