Chinese banks support Russia with billions

2023-09-04 14:40:00, Kosova & Bota CNA

After the Russian attack on Ukraine, many Western banks withdrew from Russia. Chinese financial institutions have rushed to fill this gap: they have quadrupled their commitment.

While Western financial institutions have withdrawn from Russia because of the attack on Ukraine, Chinese banks have made significantly more money available to Russia. According to calculations by the Kyiv School of Economics for the Financial Times, China's credit to the Russian banking sector has quadrupled by the end of March 2023.

The Industrial and Commercial Bank of China (ICBC), the Bank of China, the China Construction Bank and the Agricultural Bank of China increased their joint commitment to Russia by $2.2 billion within 14 months of the launch of the Russian attack on Ukraine, reaching 9.7 billion dollars, according to data from the Russian Central Bank. ICBC and the Bank of China alone have put up about $8.8 billion.

Chinese banks support Russia with billions

Western sanctions bear fruit

Chinese lenders have taken the place of Western banks that no longer support Russia due to international sanctions and pressure from their own countries. "Loans granted by Chinese banks to Russian banks and credit institutions, where the yuan largely replaces the dollar and the euro, show that the sanctions are working," said Andrii Onopriienko, deputy director of development at the Kyiv School of Economics, which compiled the data. .

However, some institutions in Europe remain active. The Austrian bank Raiffeisen, for example. This bank, the most dedicated to Russia, has increased its assets by more than 40 percent until the end of March this year, to 29.2 billion dollars. But since then this financial institution has reduced its assets to 25.5 billion dollars and is now, according to him, looking for opportunities to withdraw from Russia.

Chinese banks support Russia with billions

China wants to break the dominance of the dollar

Lëvizjet e katër bankave më të mëdha të Kinës ndërkohë janë pjesë e përpjekjeve të Pekinit për të promovuar juanin si një monedhë alternative globale ndaj dollarit, raportoi "Financial Times". Pjesa e juanit në trafikun global të pagesave është vetëm 2.5 për qind. Për krahasim, sipas SWIFT, kompania globale e telekomunikacionit financiar, pesha e dollarit është 39.4 për qind dhe ajo e euros 35.8 për qind.

Chinese banks support Russia with billions

Në planin për të kufizuar këtë dominim të monedhave perëndimore, transaksionet me Rusinë në monedhën kineze synohet të luajnë një rol. Tregtia midis Rusisë dhe Kinës arriti një rekord prej 185 miliardë dollarësh vitin e kaluar. Juani tani përbën një pjesë prej 16 për qind të asaj shume, sipas gazetës.

Sipas Bankës Qendrore ruse, para luftës në Ukrainë, më shumë se 60 për qind e eksporteve paguheshin ende në monedha që autoritetet e vendit sot i përshkruajnë si "toksike". Këto përfshijnë dollarin dhe euron. Juani, nga ana tjetër, përbënte më pak se një për qind./ DW