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US ready to impose sanctions against Chinese financial institutions to show a strong response to the country's support for Russia

Darina GertsevaNews
How Beijing is helping the Kremlin in the war
How Beijing is helping the Kremlin in the war. Source: Freepik

The United States is ready to take action against Chinese companies and financial institutions that support Russia in its war against Ukraine, considering the possibility of imposing sanctions. Representatives of the United States, South Korea, and Japan also agreed to cooperate on reducing dependence on China and Russia for critical resources.

This was stated by US Deputy Secretary of State Kurt Campbell, Reuters reports. The United States is considering imposing sanctions on Chinese firms that directly assist Russia.

Kurt Campbell emphasized that the United States is focused on Chinese companies that systematically support Russian aggression. "I think we are primarily focused on Chinese companies that are systematically involved in supporting Russia. We are also looking closely at financial institutions," Campbell said.

During a meeting with the deputy foreign ministers of Japan and South Korea, Campbell emphasized the importance of cooperation in strengthening economic security . Representatives of the United States, South Korea, and Japan agreed to continue to work closely together on mineral security partnership projects aimed at reducing dependence on China and Russia for critical resources needed for high-tech applications.

The Allies also pledged to work even closer to support Ukraine's energy infrastructure, its restoration, and efforts to hold Russia accountable for its actions. Since Russia's invasion of Ukraine, Moscow has significantly deepened its cooperation with Beijing.

The United States and its allies are concerned that Chinese companies and financial institutions are providing support to Russia, which is contributing to the continuation of the conflict. "We will closely monitor the actions of Chinese firms and banks, and are prepared to take appropriate action to stop their support for Russia's aggression," the US Deputy Secretary of State said.

As reported earlier, relations between the European Union (EU) countries have deteriorated because of Russia. Thus, Sweden may unilaterally block imports of Russian liquefied natural gas (LNG) if Hungary succeeds in removing this restriction from the next package of sanctions.

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