Will sanctions against Chinese banks work?

CHINA ADVISORY - Report 03 May 2024 by Andrew Collier

The Wall Street Journal reported that the U.S. is considering imposing sanctions on Chinese banks that are supporting the export of goods to for Russia’s war in Ukraine. The State Department has denied the reports but it would be logical for the U.S. to use its dominance of the US dollar financial system as leverage against China. But would sanctions work? The short answer is – yes, but it would take time because China’s vast banking system and large territory makes it easier for Chinese institutions to hide their support for Russia.

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