According to a report published, after the exit of Western lenders from Russia due to Moscow’s invasion of Ukraine in February 2022, China has stepped up to extend billions of dollars to Russia.
Bloomberg also reported that the four biggest banks in China have quadrupled their exposure to Russia’s banking sector since the war in the Ukraine region, after analysing of data by Kyiv School of Evonomics.
The four Chinese banks are — Bank of China Ltd., Industrial & Commercial Bank of China Ltd., China Construction Bank Corp., and Agricultural Bank of China Ltd. Together, they had a combined exposure of $2.2 billion at the start of 2022.
Reports cited that Russian Central Bank’s number has now increased to almost $10 billion in the 14 months.
Speaking to a source, Andrii Onopriienko, deputy development director at the Kyiv School of Economics, who compiled the data said that the loans by Chinese banks to Russian financial institutions show the sanctions are doing their job.
According to a source, regulators including the housing ministry, central bank, and financial regulator in coming weeks will implement measures they have been working on over the past few months under State Council guidance, people aware of the matter said.
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