US National Security Advisor Jake Sullivan said that the United States is preparing new sanctions against Chinese organizations supporting Russia's war in Ukraine. He hinted that Chinese banks may be in the crosshairs. He writes about this with a link to Bloomberg.
► Subscribe to telegram “Ministry of Finance” channel: main financial news
“We believe that China should stop because we believe this is deeply beyond the honorable behavior of nation states. You can expect additional sanctions as we watch this picture continue to develop in the coming weeks,” Sullivan said July 19 at the Security Forum in Colorado.
He pointed to President Joe Biden's executive order late last year , which allowed the Treasury Department to target banks that facilitate the production of dual-use goods to help the Russian defense industry. Sullivan added that these powers were not granted in vain.
“We’ve set this up so that when we find a bank that we think is sanctioned, we can do something about it. I don’t have a prediction today, but I’ll just tell you that over time, we’ve put together tools to be able to respond to this kind of behavior. And we will respond to this behavior,” the national security adviser said.
According to journalists, the statements are the latest warning that the Biden administration is considering additional measures to punish Chinese firms that help Russia’s defense industrial base. The U.S. says China has so far stopped short of providing direct lethal support to Russia, but NATO leaders called China a “decisive factor” in the war at their summit a week ago. Sullivan's comments suggest more moves are on the way.
Allied nations are increasingly concerned that Beijing is moving closer to providing lethal aid to Russia, which Western officials have warned against.
- US Sanctions Countries Banks