US prepares to sanction Chinese banks that support Russia, report says

Top line

The U.S. government is working on sanctions targeting some Chinese banks, fearing they could facilitate trade with Russia and fuel its war efforts against Ukraine, the Wall Street Journal reported Tuesday.

FILE PHOTO: U.S. officials say China's sale of dual-use components to Russia helped resurrect… [+] its declining military-industrial complex.

Getty Images Key Facts

According to the Journal, the sanctions effort is driven by concerns about trade between China and Russia, which the United States says has helped Moscow rebuild its military and put it in a strong position to waging a long war of attrition with Ukraine.

Even though China has not sold any weapons to Russia since Russia invaded Ukraine, Washington believes that the sale of dual-use items like chips, circuits, machines and tools, all of which have both civil and military uses, helped support the Russian arms industry.

Citing unnamed U.S. officials, the report added that the proposed sanctions, which threaten to cut off targeted banks from the global financial system, are an incremental option that will only be used if diplomatic efforts to resolve the problem fail.

If the sanctions are implemented, the consequences could be serious, as they would prevent targeted financial institutions from accessing the US dollar, which would impact their ability to conduct global trade and could lead to the bankruptcy of these banks and their customers.

Sanctions would also threaten China's slow post-pandemic economic recovery and China's growing debt.

To monitor

Secretary of State Antony Blinken is scheduled to travel to China on Wednesday, where he is expected to warn Beijing about its exports to Russia. However, it is unclear whether the threat of tough sanctions will prompt China to curb trade with Russia. Last week, the State Department said Blinken would meet with senior Chinese government officials in Shanghai and Beijing to discuss a range of bilateral, regional and global issues, including the Middle East crisis, the war in Russia versus Ukraine, cross-strait issues and the South China Sea.

Key context

U.S. officials, including Blinken, have expressed concerns about Chinese exports to Russia in recent weeks. After a meeting of G7 foreign ministers in Italy last week, the top US diplomat called China the main contributor to Russia's defense industrial base. Blinken said China's machine tools, semiconductors and other dual-use items have helped Russia's arms industry recover from sanctions and export controls. He added that if China wants to maintain good relations with Europe and other countries, it cannot fuel what poses the biggest threat to European security since the end of the Cold War. During her visit to Beijing earlier this month, Treasury Secretary Janet Yellen said the United States was concerned about the role Chinese companies play in Russian military purchases. She added: “All banks that facilitate large transactions moving military or dual-use goods to Russia's defense industrial base face the risk of U.S. sanctions.

Further reading

U.S. targets Chinese banks helping Russia's war effort (Wall Street Journal)

Blinken returns to China, with threat over military aid to Russia (Politico)

Sources 1/ https://Google.com/ 2/ https://www.forbes.com/sites/siladityaray/2024/04/23/us-is-preparing-to-sanction-chinese-banks-supporting-russia-report-says/ The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos