China banks tighten curbs on Russia after US sanctions order

China’s state-owned banks are tightening curbs on funding to Russian clients after the US authorized secondary sanctions on overseas financial firms that aid Moscow’s war effort in Ukraine, people familiar with the matter said, reported from Bloomberg.

The lenders are stepping up due diligence on clients, including checks on whether their business registrations, authorized beneficiaries and ultimate controllers are from Russia, said the people. The review will be extended to non-Russian clients conducting business in Russia or transfer critical items to Russia through a third country, they said.





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