Chinese State Banks Off-Load Russia Assets in Blow to Putin: Report

Chinese banks, including Bank of China and Industrial and Commercial Bank of China, have significantly reduced their assets in Russia amid ongoing sanctions related to President Putin’s invasion of Ukraine. In the second quarter of 2024, Bank of China saw a 37% decrease in assets to 355.9 billion rubles ($3.9 billion), while Industrial and Commercial Bank of China reduced its assets by 27% to 462.4 billion rubles ($5.1 billion), indicating the impact of sanctions on trade between the two countries.

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