Yellen warns of sanctions against Chinese banks that aid Russia

Treasury Secretary Janet Yellen warned in Beijing on Monday that Chinese banks that facilitate support for Russia amid its war in Ukraine could face U.S. sanctions.

“We continue to be concerned about the role that any firms, including those in the [People’s Republic of China], are playing in Russia’s military procurement,” Yellen said in remarks during a press conference at the close of her trip to China.

“I stressed that companies, including those in the PRC, must not provide material support for Russia’s war and that they will face significant consequences if they do,” she continued. “And I reinforced that any banks that facilitate significant transactions that channel military or dual-use goods to Russia’s defense industrial base expose themselves to the risk of U.S. sanctions.”