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Chinese banks are tightening scrutiny over trade with Russia for fear of incurring strict new US sanctions over the Ukraine war, testing the “no limits” friendship between the two countries.
China’s trade with Russia has hit record highs in recent years, drawing accusations that it is helping buoy its longtime ally’s economy, with President Vladimir Putin due to visit Beijing in May.
But Washington’s recent vow to go after financial institutions that help Moscow fund the conflict has tested the boundaries of Beijing’s bonhomie — and left its banks fearful of getting cut off themselves.
