Washington does not rule out sanctions on Chinese banks for aiding Russian defense sector

  WASHINGTON: Washington’s administration does not rule out the possibility of imposing sanctions against individual Chinese banks for trans...

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WASHINGTON: Washington’s administration does not rule out the possibility of imposing sanctions against individual Chinese banks for transactions that are allegedly related to Russia’s defense industry, US Treasury Secretary Janet Yellen said.

"I absolutely would not rule out the possibility we would sanction an individual bank if we had the necessary level of evidence to be able to put sanctions on," she said in an interview with Reuters. "Authorities in China recognize that our use of these sanctions would be a serious threat with very adverse consequences," Yellen noted, adding that Beijing wants "to trade with Russia," but it does not want its "banks sanctioned."

However, Washington and Beijing have a channel "to discuss specific concerns, and sometimes that could be adequate as well," she stressed. These discussions have been aided by efforts to rebuild US-China economic and financial communications over the past two years, the official said.

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