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China's biggest banks are increasingly providing significant financial support to Russia as sanctions continue to put pressure on Western banks.
Since Russia's invasion of Ukraine in February 2022, Western regulators have cracked down on Russia by imposing sanctions and asking banking institutions to withdraw from operations in the country. Chinese lenders are now filling the void.
The four largest banks in China have quadrupled their exposure to Russia's banking sector since the start of the war in Ukraine.
As of early 2022, Bank of China, Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China held a combined exposure of $2.2 billion.
According to Russian central bank data, this exposure increased to nearly $10 billion during the 14-month period ending in March this year. Loans from Chinese banks to banks and credit institutions in Russia, mostly involving yuan as a substitute for dollars and euros, show that the sanctions are having a limited impact.
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