UK Banks Evaluate China Risks Following Russia Sanctions Blow

Banks in the UK are assessing their exposure to China and preparing for potential future escalation of Western sanctions on the country. The banking industry has shared its "scenario planning" with the British and US governments, drawing lessons from previous sanctions frameworks, including those on Russia. The project examines asset ownership transparency, the traceability of Chinese products, and the extent of commercial ties between the West and China. While tensions between the West and China continue to rise, banks are taking precautions and discussing the possible impact of any China curbs. Lawyers have reported a surge in calls for advice on mitigating risks and complying with sanctions.