Chinese Bank Deals New Blow to Putin’s Wartime Economy

News Snapshot:

The main Chinese bank used by Russian importers has stopped operations in Russia, a move that an expert told Newsweek shows how much firms in China fear breaking U.S.-led sanctions. The decision by Zhejiang Chouzhou Commercial Bank follows Vladimir Putin's boasts about booming trade between Russia and China, which he had hoped would offset the loss in western markets due to U.S.-led measures to cut off funding for its war in Ukraine. Trade between Russia and China may have hit $218.2 billion between January and November 2023, achieving a goal set by the countries in 2019 a year ahead of...