Credit Suisse, Societe Generale, Bank of China's Singapore branch halt financing deals with Russia in response to military invasion in Ukraine
Bank of China's Singapore operation stops financing Russian oil trades: Source, 28 February 2022
Bank of China's Singapore operation has stopped financing deals involving Russian oil and Russian companies, amid concerns of western sanctions following Russia's invasion of Ukraine, said a source...with knowledge of the matter...
European banks Societe Generale and Credit Suisse Group have halted the financing of commodities trading from Russia, it was reported on Sunday. The two banks, key financiers to commodity trading houses, are no longer providing the money needed to move raw materials such as metals and oil from Russia.
At least two of China’s largest state-owned banks are restricting financing for purchases of Russian commodities, underscoring the limits of Beijing’s pledge to maintain economic ties with one of its most important strategic partners in the face of Western sanctions.
Western nations agreed over the weekend to exclude some Russian banks from the Swift bank messaging system and targeted the central bank’s foreign reserves. BP also moved to dump its shares in Russian oil giant Rosneft PJSC, taking a financial hit of as much as US$25 billion (S$34 billion)...