China so far does not appear to be helping Russia evade Western financial sanctions on Moscow over its invasion of Ukraine, but doing so would 'do profound damage' to China's reputation, a senior Biden Administration official said on Saturday.
A Chinese flag flutters outside the Chinese foreign ministry in Beijing, China February 24, 2022. REUTERS/Carlos Garcia RawlinsWASHINGTON, Feb 26 - China so far does not appear to be helping Russia evade Western financial sanctions on Moscow over its invasion of Ukraine, but doing so would "do profound damage" to China's reputation, a senior Biden Administration official said on Saturday.
The official said that recent reports that some Chinese banks have stopped issuing letters of credit for purchases of physical commodities from Russia were a positive sign.This "suggests that, much like has been the pattern for years and years, China has tended to respect the force of U.S. sanctions," the official added.
The China-Russia trade relationship has grown significantly since 2014, when the West first imposed sanctions against Russian entities over Moscow's annexation of Crimea. L1N2UX36SSome of that trade is conducted in China's yuan currency, which could technically fall outside of sanctions aimed at cutting Russia off from transactions in U.S. dollars, euros, sterling and other major currencies.
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