Type to search

China Asks Banks How to Shield Assets From US Sanctions – FT

Chinese officials met with local and foreign banks to discuss how to protect overseas assets from sanctions such as those imposed on Russia for invading Ukraine, the FT said

China has imposed curbs on foreign travel for bankers and state workers.
Curbs on personal foreign travel have long applied to senior state officials and state executives with access to confidential information, but these limits now appear to apply to millions of civil servants, and state-enterprise workers. Reuters file image.


Chinese authorities held an emergency meeting with senior representatives of large local and foreign banks on April 22 to discuss how to protect overseas assets from sanctions such as those that Washington and its allies imposed on Russia after it invaded Ukraine, the FT reported, citing unnamed sources.

Officials from the People’s Bank of China and the finance ministry attended the meeting, which included HSBC and numerous other foreign banks, the FT reported the sources as saying. The people said China was alerted to the possibility its overseas investment holdings could be at risk after Russia’s assets were seized by the US and its western allies, the story said.

Read the full report: The Financial Times.


Also on AF:


US Will ‘Absolutely’ Cut Off Chinese Firms Busting Russia Sanctions


Chinese Tech Firms in the Line of Fire From US Curbs – SCMP


US Warns China Against Helping Russia as Sanctions Mount


China-Russia Trade Booms as War Forces Moscow to Look East


China-Russia Economic Ties Boosted by New Bridge Crossing



Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.


AF China Bond