News Snapshot:
China’s largest public financial institutions are reportedly limiting financing to purchase raw materials from Russia under the threat of sanctions from the US and allies over the military operation in Ukraine. The step, which might only be temporary, was taken by at least two of China’s largest state-controlled banks, ICBC and Bank of China, which are at major risk of secondary sanctions from Washington, Bloomberg news agency reported on Saturday, citing unidentified sources. ICBC, the world’s biggest bank by assets, and Bank of China, the country’s largest commercial bank for currency trading, could potentially lose access to the dollar, as...
