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Why China’s Banks Won’t Come to Russia’s Rescue
source link: https://www.wsj.com/articles/why-chinas-banks-wont-come-to-russias-rescue-11646389803
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Why China’s Banks Won’t Come to Russia’s Rescue
The risk of additional sanctions deters Chinese lenders, while a fledgling payment network relies on the Swift global system
Sanctions Begin to Weigh on Russia’s Banks, Currency and Economy
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Sanctions Begin to Weigh on Russia’s Banks, Currency and EconomyPlay video: Sanctions Begin to Weigh on Russia’s Banks, Currency and Economy
Since Russia invaded Ukraine at the end of February, the U.S. and allied countries have imposed heavy sanctions on Russia. WSJ’s Shelby Holliday dives into how these sanctions are affecting everyone from President Vladimir Putin to everyday Russian citizens. Photo: Pavel Golovkin/Associated Press
March 4, 2022 5:30 am ET
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On paper, China’s banks and its homegrown payments system could offer Russia respite from crippling Western sanctions. China has helped other nations evade sanctions, and both China and Russia share an interest in weakening the dollar’s hold on the international financial system.
In practice, it isn’t that simple.
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