Putin’s pivot towards Asia
Chinese banks eye Russian deals as US sanctions bite

Chinese banks could be beneficiaries of deteriorating relations between Russia and the West, with pressure growing on European and US investment banks to stop dealing with Moscow.

Bankers say sanctions imposed on Russia in response to the Ukraine crisis are creating a situation similar to that in Iran, where Western banks and companies are effectively barred from doing business by regulators at home.

“We don’t have any problem with Russia,” said a senior executive with a mainland bank in Hong Kong, who declined to be named. “If American banks can’t take any Russia-related clients, then I will definitely welcome them to do business with us.”