Rasputin_Vol
"Slava Ukraina"
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- Aug 14, 2007
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Offshore units of Industrial & Commercial Bank of China have stopped issuing U.S. dollar-denominated letters of credit for purchases of physical Russian commodities ready for export, while the Bank of China has also limited funding, according to Bloomberg News, citing people familiar with the matter.
Yuan-denominated letters of credit are still available for some clients, pending approval from senior executives.
Chinese banks restrict lending to Russia, dealing blow to Moscow
Did you read this carefully or did you just read the clickbait headline? This is not a bad thing for Russia. They have been trying to move away from the USD anyways. They will just switch to the yuan.