Ho Ree Shit, China is now cutting off credits for energy sales from Russia. WOW! https://ca.news.yahoo.com/singapore-banks-halt-russia-commodity-101825480.html
Singapore’s biggest banks are restricting trade financing for Russian raw materials, as the war in Ukraine spurs lenders in Asia’s largest energy and commodities trading hub to reduce exposure to the sanction-hit country. …
DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd. have stopped issuing letters of credit involving Russian energy deals because of uncertainty over the course of sanctions, according to the people, who asked not to be identified as the information isn’t public.
A choke on trade financing in a top commodities hub such as Singapore could snarl the trade of some physical cargoes and add further pressure to prices, even though the U.S. and European Union sought to exclude energy from the latest round of new sanctions.
It’s not just Singapore, but China itself. Singapore is apparently responding to that signal:
Lenders in the city-state, a key trading hub for commodities trade and finance in Asia, join at least two of China’s largest state-owned banks and some banks in Europe in restricting the ability to purchase Russian commodities.
and... https://www.straitstimes.com/business/banking/bank-of-chinas-singapore-operation-stops-financing-russian-oil-trades-source
Bank of China’s Singapore operation has stopped financing deals involving Russian oil and Russian companies, amid concerns of western sanctions following Russia’s invasion of Ukraine, said a source on Monday (Feb 28) with knowledge of the matter.
Bank of China did not immediately reply to requests for comment. …
At least two of China’s largest state-owned banks are restricting financing for purchases of Russian commodities, underscoring the limits of Beijing’s pledge to maintain economic ties with one of its most important strategic partners in the face of Western sanctions. Although China put out some tweets this a.m. condemning sanctions against Russia, that seems to be theater, and China has acted to disassociate themselves a bit from this mess (toeing a bit more distanced line). This is like the shittiest news for what's left of Russian's energy economy (no politico/I wish the U.S. would get on board more to stop buying Russian oil - there are numerous ways around it, like a lot). Anyway, when your one last significant BFF kind of donkey punches you, you are fooked.