Bank of China's Singapore operation stops financing Russian oil trades- source

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 on Monday with knowledge of the matter.

Bank of China did not immediately comment. Reuters reported last Thursday that major buyers of Russian oil were struggling to open letters of credit from Western banks to cover purchases or find ships willing to transport Russian oil.

European banks Societe Generale SA and Credit Suisse Group AG have halted the financing of commodities, Bloomberg News reported on Sunday.