Two Chinese state-owned banks will restrict financing for Russian commodity purchases, suggesting limits to Beijing's support as the Kremlin confronts economic sanctions over its attack of Ukraine.
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Offshore units of Industrial & Commercial Bank of China have stopped issuing U.S. dollar-denominated letters of credit for purchases of physical Russian commodities ready for export, while the Bank of China has also limited funding, according to Bloomberg News, citing people familiar with the matter.
It was a surprising twist and points to potential cracks showing in the relationship between Moscow and Beijing. The two countries are frequently geopolitical allies who have united in the past against the U.S.; they have formed increasingly close bonds over recent years, with Russia a key supplier of energy to China.
China has pledged to maintain normal trade with both Russia and Ukraine, despite the latest restrictions from two of its largest state-owned banks.
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