G7 to Sanction Chinese Banks Supporting Russia’s War Efforts

The G7 nations plan to impose sanctions on Chinese financial institutions aiding Russia in acquiring weaponry for its conflict in Ukraine. Leaders from the United States, Britain, Canada, France, Italy, Germany, and Japan have pledged to restrict access to financial systems for those entities undermining Ukraine’s sovereignty.

The G7 group of wealthy industrial nations will pledge to take action against Chinese financial institutions that helped Russia obtain weaponry for its war against Ukraine, according to a draft summit communique seen by Reuters on Friday. In the draft, leaders of Britain, Canada, France, Italy, Germany, Japan and the United States also promised sanctions against entities that helped Russia circumvent sanctions on its oil by transporting it fraudulently.

"(E)ntities, including financial institutions, that facilitate Russia's acquisition of items or equipment for its defense industrial base are supporting actions that undermine the territorial integrity, sovereignty and independence of Ukraine," they wrote. They added they would "restrict access to our financial systems for targeted individuals and entities in third countries, including Chinese entities that engage in this practice."