Nearly all Chinese banks are refusing to process payments from Russia, report says
Nearly all Chinese banks are refusing to process payments from Russia, report says
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if even the chinese dont support them theyre fucked lol
That uhhh doesn’t seem like good news for the Russian economy
God damn. They're so fucked if this is true.
Good progress.
How closely tied are the banks and the CCP, though?
They are pretty much all mostly government owned. Especially the big ones. The CCP tells them which industries they are supposed to lend to. However they are allowed to choose the companies and also get to do some independent business, if that makes money.
The problem is that Russia is a small fish on the international stage, but the US and EU are massive. All Chinese banks have ties to them and rather not receive secondary sanctions.
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