U.S. Sanctions Squeeze Russian and Chinese Banks

Chinese banks have tightened their restrictions on payments from Russia out of fear of triggering U.S. secondary sanctions. Will this make an impact in choking off Russia’s war machine? Finding Perspective: The latest batch of information on this comes from the Russian newspaper Kommersant, which reported at the end of July that trade between Russia and China is getting ever more difficult, with some payments between partners taking up to six months to be processed. About 80 percent of bank transfers made in the Chinese yuan are also getting…