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Oh my: Bank of China cuts off Russian
oil trades?

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Posted By: Garnet, 2/28/2022 1:18:22 PM

Call this one the Mother Of All Signals, if true. China’s financial entities have cut off credit for Russian energy sales, Bloomberg reports, following an avalanche of Western sanctions over Vladimir Putin’s invasion of Ukraine:Singapore’s biggest banks are restricting trade financing for Russian raw materials, as the war in Ukraine spurs lenders in Asia’s largest energy and commodities trading hub to reduce exposure to the sanction-hit country. … DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd. have stopped issuing letters of credit involving Russian energy deals because of uncertainty over the course of sanctions,

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Reply 1 - Posted by: stablemoney 2/28/2022 1:51:19 PM (No. 1085743)
This won't stop anything. The buyer of Russian oil, instead of obtaining a letter of credit, can borrow the money from the bank and pay for the oil. The letter of credit won't be needed, and they should have done this anyway, saving themselves 1% on each purchase.
2 people like this.

Reply 2 - Posted by: anniebc 2/28/2022 2:05:10 PM (No. 1085755)
It's a race between the two evil empires as to who will rule the world. Boo to both.
4 people like this.

Reply 3 - Posted by: red1066 2/28/2022 2:15:34 PM (No. 1085767)
This helps only China.
3 people like this.

Reply 4 - Posted by: dickiedeeb 2/28/2022 2:56:38 PM (No. 1085805)
In dollars... US dollars... Everything is propaganda Everything is lies
2 people like this.

Reply 5 - Posted by: Lawsy0 2/28/2022 3:07:11 PM (No. 1085814)
Who can we believe? Does anyone think China would lift a finger to help the USA? Think again.
5 people like this.

Reply 6 - Posted by: Toby Ten Bears 2/28/2022 3:15:26 PM (No. 1085822)
If you say so.
2 people like this.

Reply 7 - Posted by: JimBob 2/28/2022 8:29:24 PM (No. 1086124)
My thought is that the Chinese are probably afraid of losing value if and when the Russian currency 'tanks'. China is out for China. Period.
2 people like this.

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