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 ...
China’s financial goal is to work with Russia and Iran to set up a financial network with full independence from the West.
I have seen no evidence they have backed away from that goal.
.
Right.
Some in The West want that to happen.
That is why they are making things worse.
Playing khabhuki trying to hide Xi, putins and bidens collaboration before its done.
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