EU targets Chinese banks over Russian trade links

The EU is preparing sanctions against two Chinese banks for allegedly facilitating banned trade with Russia, marking its first attempt to target a third-country lender involved in supporting Russia’s invasion of Ukraine. These sanctions, included in the European Commission’s latest measures, require unanimous approval from EU member states and aim to close loopholes that enable Moscow’s military supply chains. The decision comes amid heightened tensions, as trade between Russia and China has surged, and as the EU prepares for a significant summit with Chinese President Xi Jinping.

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