Exclusive-Banks assess China risks after being stung by Russia sanctions

© Reuters. FILE PHOTO: A view of the City of London and Canary Wharf, Britain March 19, 2023. REUTERS/Yann Tessier//File PhotoLONDON - Big banks in Britain are preparing for any future escalation of Western sanctions on China and have shared their"scenario planning" with the British and U.S. governments, a senior banking official has told Reuters.

It also focuses on the extent of commercial ties between the West and China across industries, including supply chains in high-risk sectors like technology, and attempts to highlight measures that might backfire if applied to China. The U.S. Treasury Department, which runs the Office of Financial Sanctions Implementation, Britain's Foreign Office and Barclays did not respond to requests for comment. JPMorgan declined to comment.

One of the bankers said sanctions on Russia had"removed naivety" among businesses and prompted the industry to think more deeply about China risks. Against that background, four lawyers in London reported a surge in calls from financial clients seeking guidance on China, from sanctions compliance and risk assessment through to how to deal with any investigations or enforcement.

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