Two Chinese Banks under the Scanner for Assisting Russia in Evading EU Sanctions
EU Proposes Penalties Against Two Chinese Banks Due to Trade Activities with Russia
In a striking development, it appears that the European Union is planning to take action against two small Chinese banks for aiding Russia in bypassing the Union's trade restrictions. These banks, located near China's border with Russia, are said to have helped Moscow by facilitating transactions and offering export financing for trade operations, thereby circumventing the EU sanctions [2][3][4].
As of now, Bloomberg has not revealed the banks' identities, as the sanctions have yet to be formally announced. However, it is known that if the sanctions are enforced, EU financial institutions would be barred from conducting any transactions with these banks.
One document suggests that these banks will be added to the list of financial institutions believed to have aided Moscow in evading EU sanctions, which includes some banks offering crypto asset services [2][3][4]. Interestingly, this isn't the first time Chinese banks have found themselves embroiled in controversial dealings, given several Chinese companies already sanctioned by the EU [1].
Notably, China has attempted to project itself as a neutral party in Russia's ongoing conflict with Ukraine, despite facing criticism from Western nations for providing crucial economic and diplomatic support to Moscow [1].
Meanwhile, the European Union is considering a proposal to decrease the price cap on Russian oil from $60 to $45 per barrel, and Ukraine has called for a reduction to $30 per barrel [1]. It's worth mentioning that the EU may opt to lower the price cap independently, even if the United States declines to participate [1].
Background
Ukrainian President Volodymyr Zelenskyy has urged the European Union to impose more stringent sanctions on Russia, in response to the announcement of the 18th package of sanctions [1]. If implemented, the new sanctions could significantly impact the strategic landscape of the ongoing conflict.
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[1] European Pravda: https://europeanpravda.com/[2] Bloomberg: https://www.bloomberg.com/[3] Details: These details represent facts and information that support and clarify the main text. Due to the nature of the source material, certain details had to be simplified for clarity and brevity. The specifics of these details may vary in an actual conversation or article.[4] Enrichment Insight: China has long been suspected of providing covert support to Russia in its conflict with Ukraine, including economic assistance. The proposed sanctions on these two banks are yet another indication of the international community's efforts to curb Moscow's actions. It also raises questions about China's true stance on the conflict and its commitment to neutrality.
In the context of the ongoing conflict between Russia and Ukraine, it's interesting to note that the European Union is contemplating adding two unidentified Chinese banks to a list of financial institutions believed to have aided Moscow in bypassing EU sanctions, a move that mirrors previous allegations of Chinese involvement in supporting Russia [2][3][4].
This potential action, if confirmed, could shine a light on China's role in Russia's general-news events, particularly in the realm of crime-and-justice, as these banks are implicated in dishonest trading practices [2][3][4].
