ICBC London Finances Autocrats to Advance Beijing’s Global Agenda
An ICIJ China Capital investigation based on 4.8 million ICBC London records (2005–2024) shows ICBC used its London branch to finance companies tied to sanctioned Russians and autocrats, often bending AML rules to back Beijing’s Belt and Road and Made in China 2025 agendas. The leak spotlights clients like Nornickel tied to Oleg Deripaska, the Aliyev family's Pasha Bank and Socar, Angola’s Sonangol, and a Belarus JV with Zoomlion, with internal memos showing Beijing-directed priorities despite regulator concerns.