Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

Oh my: Bank of China cuts off Russian oil trades?
HotAir ^ | 2/28/2022 | Ed Morrissey

Posted on 02/28/2022 12:20:41 PM PST by simpson96

Call this one the Mother Of All Signals, if true. China’s financial entities have cut off credit for Russian energy sales, Bloomberg reports, following an avalanche of Western sanctions over Vladimir Putin’s invasion of Ukraine:

Singapore’s biggest banks are restricting trade financing for Russian raw materials, as the war in Ukraine spurs lenders in Asia’s largest energy and commodities trading hub to reduce exposure to the sanction-hit country. …

DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd. have stopped issuing letters of credit involving Russian energy deals because of uncertainty over the course of sanctions, according to the people, who asked not to be identified as the information isn’t public.

A choke on trade financing in a top commodities hub such as Singapore could snarl the trade of some physical cargoes and add further pressure to prices, even though the U.S. and European Union sought to exclude energy from the latest round of new sanctions.

It’s not just Singapore, but China itself. Singapore is apparently responding to that signal:

Lenders in the city-state, a key trading hub for commodities trade and finance in Asia, join at least two of China’s largest state-owned banks and some banks in Europe in restricting the ability to purchase Russian commodities.

(Excerpt) Read more at hotair.com ...


TOPICS: Chit/Chat
KEYWORDS:
Navigation: use the links below to view more comments.
first 1-2021-4041-44 next last

1 posted on 02/28/2022 12:20:41 PM PST by simpson96
[ Post Reply | Private Reply | View Replies]

To: simpson96

very surprising.


2 posted on 02/28/2022 12:22:23 PM PST by mylife (It looks just like a telefunken U47... (===)
[ Post Reply | Private Reply | To 1 | View Replies]

To: simpson96

This may turn out to be a NWO trap set and sprung on Russia…


3 posted on 02/28/2022 12:22:42 PM PST by Jan_Sobieski (Sanctification)
[ Post Reply | Private Reply | To 1 | View Replies]

To: simpson96

China wants to see the US, Russia, and northern Europe evaporate eachother and then waltz in and rule what’s left of the world.


4 posted on 02/28/2022 12:22:48 PM PST by chuckb87
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jan_Sobieski

It’s looking like that more each day.


5 posted on 02/28/2022 12:23:52 PM PST by Jonny7797
[ Post Reply | Private Reply | To 3 | View Replies]

To: Jan_Sobieski

We tricked them into invading Ukraine from 4 directions.


6 posted on 02/28/2022 12:24:29 PM PST by babble-on
[ Post Reply | Private Reply | To 3 | View Replies]

To: chuckb87

“China wants to see the US, Russia, and northern Europe evaporate eachother and then waltz in and rule what’s left of the world.”

Biggest problem with that plan is it gets incinerated with everyone else if the nuke SHTF.


7 posted on 02/28/2022 12:27:09 PM PST by LouieFisk
[ Post Reply | Private Reply | To 4 | View Replies]

To: LouieFisk

Oh well I guess the cockroaches win in the end.


8 posted on 02/28/2022 12:28:30 PM PST by chuckb87
[ Post Reply | Private Reply | To 7 | View Replies]

To: babble-on
We tricked them into invading Ukraine from 4 directions.

If Putin is removed you can sell a lot more Euthanasia vaccines to the Russian market!
9 posted on 02/28/2022 12:28:37 PM PST by Jan_Sobieski (Sanctification)
[ Post Reply | Private Reply | To 6 | View Replies]

To: simpson96

Yup...they’ll do it under the table.


10 posted on 02/28/2022 12:29:19 PM PST by Sacajaweau ( )
[ Post Reply | Private Reply | To 1 | View Replies]

To: mylife

I wonder how much we promised to give them.


11 posted on 02/28/2022 12:29:22 PM PST by Hildy (In an unforgiving world, only the shameless survive.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Hildy

beat me to it!


12 posted on 02/28/2022 12:30:26 PM PST by Mouton (The enemy of the people is the media )
[ Post Reply | Private Reply | To 11 | View Replies]

To: mylife

Maybe it’s the chinese opportunity to take care of some business along the Russia-Chinese border. Never let a crisis go to waste.


13 posted on 02/28/2022 12:30:53 PM PST by Migraine
[ Post Reply | Private Reply | To 2 | View Replies]

To: simpson96

The Chinese may see opportunity in Russian territory as better long term gains.


14 posted on 02/28/2022 12:31:08 PM PST by Bayard
[ Post Reply | Private Reply | To 1 | View Replies]

To: simpson96

No, this says nothing about the relationship between Russia and China. This says everything about the relationship between the SWIFT system and Chinese banks. Russia will get paid. China just can’t risk being locked out of SWIFT.


15 posted on 02/28/2022 12:31:37 PM PST by poinq
[ Post Reply | Private Reply | To 1 | View Replies]

To: simpson96

Bawhaha dumb Putin fell for china’s ...I’ll have your back buddy! China is up to something! Xi is watching how the world leaders are turning on Rasputin and doesn’t want any part of this....for now. Mark my words watch China pull away from the notion of invading Taiwan. The economical consequences are too perilous for China.


16 posted on 02/28/2022 12:32:41 PM PST by RoseofTexas
[ Post Reply | Private Reply | To 1 | View Replies]

To: simpson96

The expansionist crazed thug Putin really miscalculated. They all keep believing their own BS and surrounding themselves with yes men until the final SUPER SCREWUP that crashes it all down.


17 posted on 02/28/2022 12:33:28 PM PST by BiglyCommentary
[ Post Reply | Private Reply | To 1 | View Replies]

To: simpson96

Uh, Singapore is not China. Singapore Banks are not Chinese Banks

As to the Bank of China in Singapore, its a wholly-owned subsidiary of Bank of China, and being in Singapore, its a Singapore company. It will face the same US$ transfer sanctions to Russia as any other US or European bank - thus it will not be financing US$ trade with Russia.


18 posted on 02/28/2022 12:37:28 PM PST by PGR88
[ Post Reply | Private Reply | To 1 | View Replies]

To: simpson96

It just gets better and better. Buy energy.


19 posted on 02/28/2022 12:41:34 PM PST by SaxxonWoods (The only way to secure your own future is to create it yourself.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: simpson96

I wonder what they were bribed with?


20 posted on 02/28/2022 12:45:36 PM PST by Little Ray (Civilization runs on a narrow margin. What sustains it is not magic, but hard work. )
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-44 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson