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Banks of China are waiting for profits from the introduction of sanctions against Russia
Recently, Russia and China have strengthened existing economic ties, and last year the volume of trade between the two countries amounted to $ 89,2 billion.
Chinese banks may gain an advantage amid deteriorating relations between Russia and Western financial institutions amid the Ukrainian crisis. “We have no problems with Russia,” said a top-management spokesman for a Hong Kong bank. "If American banks do not welcome clients related to Russia, then I will be very happy to invite Russians to cooperate with us."
At the end of last year, Russia signed an agreement with the Development Bank of China, one of the largest banks in mainland China, to launch large-scale projects related to the infrastructure of the Far East and southern Siberia. The approximate agreed transaction amount is at least $ 5 billion. A state-supported Gazprom hopes to supply 2018 billions of cubic meters of natural gas to China every year from 38.
Also, Russia and China, together with their BRICS partners (Brazil, India, and South Africa) are working on a project to create a new financial institution, similar to the World Bank, to ensure its economic development.