The European Union proposes to impose sanctions against Chinese banks for cooperation with Russia

The European Union plans to impose sanctions against two Chinese banks that allegedly helped Russia circumvent trade restrictions.

This was reported by Bloomberg after reviewing unnamed documents.

These are regional credit institutions located near the Chinese-Russian border. They will be prohibited from conducting any financial transactions with EU banks.

The names of these banks are not yet disclosed, as the sanctions have not yet come into force. According to the documents, the financial institutions will be included in the list due to processing transactions and providing export financing that were used for trade operations with Russia in circumvention of European sanctions. In addition, some of them are involved in operations with crypto assets, which also helped Moscow evade restrictions.

Despite Beijing’s repeated denials of helping Moscow in the war, China remains a key economic partner of Russia. In particular, its companies supply technology and components necessary for Russian defense production. As part of the new package of restrictions, the EU plans to add several Chinese companies to the list of already existing sanctions.

As reported, China continues to be a key factor in Russia’s war in Ukraine and that without China’s support, Russia would not have been able to wage a war on the same scale.

By the way, the administration of US President Donald has redirected key anti-drone technology intended for Ukraine to the American military , reflecting the Pentagon’s reduced commitment to defending Kyiv. Ukraine has been using these special missile detonators to shoot down Russian drones.

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