China is coming under increasing fire from the US and EU over its Russia dealings [Business Insider]
RAIFFEISEN BK IN UNSP/ADR (RAIFY)
NASDAQ:AMEX Investor Relations:
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Source: Business Insider
Russian clients first began noting payment difficulties in January, after the US extended its sanctioning power to target Russia-friendly institutions. After the December mandate, Washington has stepped up pressure on foreign banks worldwide , threatening dealers in Turkey and the United Arab Emirates with secondary sanctions. It's even taken aim at Raiffeisen Bank International, a Western lender in Austria. Fears of similar repercussions had already prompted three of China's Big Four state banks to halt payments from Russia at the start of the year. It's a bad sign for Russia, whose dependency on Beijing has only increased since the Kremlin's war on Ukraine began in 2022. As the Western world has increasingly rejected Moscow, China has stepped in, and bilateral trade between the two countries exploded in 2023 Still, China's willingness to comply with the West comes as its trade with the US is much greater than the one shared with Russia, First Group's Alexey Poroshin told Iz
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