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U.S. Prepares Sanctions on Chinese Banks

Daniel Kim Views  

Blinken’s Visit to China Puts Pressure on Policy Shift

Antony Blinken, U.S. Secretary of State, held a press conference at the U.S. Embassy in Beijing, China, on June 19, last year. 

According to sources cited by the Wall Street Journal (WSJ) on the 22nd, the U.S. government is preparing sanctions that threaten to expel some Chinese banks from the global financial system.

Before he visits China, these measures are intended to provide Antony Blinken, U.S. Secretary of State, with diplomatic leverage to prevent the Chinese government from commercially supporting Russia’s weapons production. U.S. government officials hope that by demonstrating the threat of Chinese banks losing access to U.S. dollars and the potential negative impact on trade relations with Europe, they can pressure the Chinese government to change its policies.

On the 19th, Secretary Blinken criticized China’s support for Russia’s defense industry, stating that China is a big help to Russia’s war in Ukraine. In recent weeks, U.S. senior officials have been ramping up the heat on China, warning that they are ready to take action against Chinese financial institutions that facilitate trade in goods used for both civilian and military purposes.

U.S. Treasury Secretary Janet Yellen stated, “Any bank that facilitates significant transactions sending military or dual-use goods to Russian defense bases is exposed to the risk of U.S. sanctions.”

However, the WSJ pointed out that, despite these warnings from the U.S. government, it remains unclear whether they can influence the rapidly growing complex trade systems between China and Russia.

As the war in Ukraine enters its third year, the Russian government is rebuilding its military capabilities with China’s support. At first, China listened to Western warnings not to provide weapons to Russia at the onset of the Ukraine war. Still, exports of commercial products usable for military purposes have surged since last year. China is currently a significant supplier to Russia in areas such as electrical circuits, aircraft parts, and machine tools.

Daniel Kim
content@viewusglobal.com

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