Beijing, a key Russian ally, has moved to restrict financing for Russian commodities purchases through two of China’s largest state-owned banks, Bloomberg reports, as Russian forces advance to Kyiv only a day after launching a full-scale invasion plan. According to Bloomberg, the Industrial and Commercial Bank of China (ICBC) has ceased the issuance of dollar-denominated letters of credit for physical Russian commodities purchases, and the Bank of China has also restricted financing on some level, though details are not forthcoming.
…China Moves To Restrict Financing For Russian Commodities
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