Bloomberg: EU proposes sanctions against two Chinese banks for trading with Russia

Bloomberg has reported that the European Union has proposed imposing sanctions on two small Chinese banks for helping Russia circumvent existing EU trade restrictions.

Source: documents seen by Bloomberg

Details: Under the proposed sanctions, EU financial institutions would be prohibited from conducting any transactions with two regional banks located near China's border with Russia.

Bloomberg has not identified the banks, as the sanctions have not yet been officially announced.

One of the documents states that the banks will be added to the list of financial institutions that have likely helped Moscow by processing transactions or providing export financing for trade transactions in circumvention of EU sanctions.

Some banks on the list have also provided crypto asset services that help Russia evade sanctions.

Bloomberg noted that a European Commission spokesperson declined to comment on the content of the documents.

In addition, several Chinese companies already under EU sanctions may be included in the new package.

China positions itself as a neutral party in Russia's full-scale war against Ukraine, despite criticism from Western countries that its close ties with Russia provide Moscow with crucial economic and diplomatic support.

Background:

• European Pravda reported that the draft of the 18th package of EU sanctions against Russia includes a proposal to reduce the price cap on Russian oil from US$60 to US$45 per barrel.
• Notably, Ukraine has called on the European Union to lower the maximum price for Russian oil to US$30 per barrel.
• The European Union has admitted that even if the United States does not agree to further lower the price cap on Russian oil, the EU may do so independently.
• Ukrainian President Volodymyr Zelenskyy called on the European Union to impose tougher sanctions against Russia, commenting on the announcement of the 18th package of sanctions.

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