Russia-China Economic increasingly close

The Chinese banks will likely benefit from favorable relations between Russia and the West turn bad , causing many U.S. and European banks to stop dealing with Moscow .

On the SCMP , many bankers said sanctions imposed on Russia around Ukraine is creating problems similar situation Iran . Accordingly , banks and Western companies banned over the country now .

” We have not had any problems with Russia at all. If U.S. banks can not care for Russian customers , we would certainly welcome them to their ” leader of a Chinese bank in Hong Kong ( Central Korea ) said .

Last week , the U.S. asset freeze and visa for 7 stops close to Russian President Vladimir Putin . They also punish 17 Russian company for its operations in Ukraine . U.S. President – Barack Obama said the move aims to prevent Putin incite secession in eastern Ukraine. However, Moscow has denied the allegations .
Russia-China Economic increasingly close

The Chinese banks are benefiting from the relationship with Russia . Photo: Imagine China

SCMP quoted some industry sources said several banks , including Goldman Sachs , JP Morgan and Barclays has tightened internal controls related transactions directly or indirectly to the Government and Russian companies .

With Iran , U.S. sanctions harsh that banks often ask customers whether they are operating in Iran or not . If the answer is yes, the U.S. banks generally must retreat immediately , even if that company is not Iran .

Last year , the Group motorcycle manufacturer Lifan Chongqing ( China ) plans to list in Hong Kong ( China ) . Initially , many U.S. banks have approached Lifan , but then withdrew the said company exports products to Iran . Then , Lifan had thanks to Asian banks , including CIMB Group of Malaysia and a Chinese bank .

In recent years , Russia and China increasing economic ties . Trade turnover between the two countries in 2013 was nearly $ 90 billion , according to China Customs . Russia is the second largest trading partner of the country 10 .

The natural resource projects and infrastructure is of key relationships . Late last year , Russia signed an agreement with China Development Bank – one of the three largest policy bank countries , to finance an infrastructure project in South Siberia and the Far East worth $ 5 billion USD.

Meanwhile , Russia’s national gas company – Gazprom is also expected to sell 38 billion m3 of gas per year to China , beginning in 2018. Along BRICS group of emerging countries , both are trying to establish a new bank modeled after the World Bank to support economic growth in volumes .

Russia-China Economic increasingly close
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