China’s biggest banks are extending billions of dollars to Russia as sanctions pressure western lenders to exit the country, according to a Financial Times report.
Since Moscow’s invasion of Ukraine in February 2022, western regulators have cracked down on Russia by imposing sanctions and urging banking institutions to pull back on operations in the country. Chinese lenders are now filling the gap, the newspaper said.
The four biggest banks in China have quadrupled their exposure to Russia’s banking sector since the war in Ukraine began, according to data analyzed for the FT by the Kyiv School of Economics.
Read the full story on Bloomberg here.