• @flambonkscious
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    31 month ago

    How closely tied are the banks and the CCP, though?

    • @[email protected]
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      91 month ago

      They are pretty much all mostly government owned. Especially the big ones. The CCP tells them which industries they are supposed to lend to. However they are allowed to choose the companies and also get to do some independent business, if that makes money.

      The problem is that Russia is a small fish on the international stage, but the US and EU are massive. All Chinese banks have ties to them and rather not receive secondary sanctions.

      • @flambonkscious
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        61 month ago

        Then this sounds like fantastic progress!

        • @[email protected]
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          31 month ago

          It is and it is actually even worse for Russia, as it is not just Chinese, but also Central Asian banks. That makes migrating to Russia for work even worse for them. Russia already has labor shortages, so this will bite badly.