With its threat of secondary sanctions being felt acutely by Chinese banks, Washington may be winning a single battle – but in an economic war being decisively lost The resilience of the Russian economy in the face of harsh Western sanctions sent those cheering the rise of multipolarity into victory laps. And it has been a huge embarrassment to the West. But Russia’s burgeoning problem settling payments with China demonstrates that this resilience isn’t without setbacks. This past June, the US Treasury put the local banks of countries that trade with Russia in the crosshairs for secondary sanctions. The legal foun
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