US Treasury threatens Chinese banks with sanctions if they help Russia

US Treasury Secretary Janet Yellen wrapped up four days of talks in China with a warning to the country’s banks and exporters: If you help bolster Russia’s military capacity, Washington will come after you, Report informs referring to Bloomberg.

“I stressed that companies, including those in the PRC, must not provide material support for Russia’s war, and that they will face significant consequences if they do,” Yellen said Monday in prepared remarks for a press conference at the US ambassador’s residence in Beijing, using an abbreviation for the People’s Republic of China.

“Any banks that facilitate significant transactions that channel military or dual-use goods to Russia’s defense industrial base expose themselves to the risk of US sanctions,” she said.

The Biden administration is trying to crack down on firms worldwide that help Russia evade the net of sanctions that the US and its allies have imposed on Moscow since its invasion of Ukraine in 2022. While China has been the target of past warnings, Yellen’s Monday message, delivered in the Chinese capital, was unusual for its direct threat of sanctions.