June 14, 2024
Economy

G7 won’t threaten big Chinese banks at summit, focuses on smaller ones – Reuters

US officials expect the Group of Seven (G7) next week to issue a tough new warning to small Chinese banks to stop helping Russia and evading Western sanctions.”, — write: www.epravda.com.ua

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US officials expect the Group of Seven (G7) next week to issue a tough new warning to small Chinese banks to stop helping Russia and evading Western sanctions.

About this informs Reuters, citing two people familiar with the matter.

Leaders gathering for a June 13-15 summit in Italy, hosted by Prime Minister Giorgia Maloney, are expected to focus their closed-door meetings on the threat posed by growing Sino-Russian trade to the war in Ukraine.

China’s support for the Russian economy will be one of the main topics of the G7 summit in Italy this month.

The US and its G7 partners will not take immediate punitive measures against any banks during the summit, such as limiting their access to the SWIFT messaging system or cutting off access to the dollar.

According to one of the interlocutors of Reuters, the G7 will focus on smaller institutions, and not on the largest Chinese banks. The result is likely to be public statements concerning Chinese banks.

According to a source familiar with the plans, the US is ready to announce significant new sanctions against financial and non-financial entities.

This year’s G7 summit is also expected to focus on using profits from Russian assets frozen in the West to benefit Ukraine.

Read also: Hit the aggressor with Russian assets. How to use the Kremlin’s frozen billions?

We will remind:

The leaders of the Group of Seven are still at the summit in mid-June hope to reach an agreement on the use of profits from frozen Russian assets to help Ukraine, but no consensus has yet been reached.

The “Big Seven” countries and the European Union learn ways increasing pressure on banks from third countries that help Russia circumvent sanctions.

the United States are considered the possibility of strengthening secondary sanctions for European banks that continue to do business in Russia.

Economic truth

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