The larger Chinese banks, in response to stern U.S. warnings, have this year been exiting transactions involving Russia.
Are America’s sanctions efforts finally working?
No. Beijing is merely shifting transactions to smaller banks and non-banking channels. China, to help Russia’s war effort in Ukraine, is employing a decades-old stratagem: the shell game.
At best, America’s sanctions are crimping the fast-growing China-Russia trade, not ending it.
