G7 Countries Intend to Warn Small Chinese Banks against Alleged Ties with Russia

"Leaders gathering at the June 13-15 summit in Italy hosted by Prime Minister Giorgia Meloni are expected to focus heavily during their private meetings on the threat posed by burgeoning Chinese-Russian trade to the fight in Ukraine, and what to do about it, TASS reported.

Those conversations are likely to result in public statements on the issue involving Chinese banks, according to a US official involved in planning the event and another person briefed on the issue," Reuters writes.

On May 31, US Deputy Secretary of State Kurt Campbell said the US government could impose sanctions on Chinese companies and financial institutions over Beijing's alleged support for Russia's military-industrial complex.