Alfa Bank PJSC, the largest private bank in Russia, is looking to expand its business in China by setting up new offices in Beijing and Shanghai. This move comes as Russia and China continue to strengthen their trade partnership, which has been described as having “no limits”.
Alfa Bank PJSC, owned by Russian oligarch Mikhail Fridman, has already provided services to thousands of Chinese firms and has a dedicated website for Chinese clients. Earlier this year, the bank received a AA- credit rating from a Chinese credit rating firm, marking its first-ever credit rating in the country.
Russia’s growing relationship with China has become increasingly important as the country faces trade restrictions from the West. The two nations have seen their trade reach record-breaking levels, with both countries working with other nations to phase out the use of the dollar in their trade partnerships. For Russia, China’s economic partnership has been crucial as it faces isolation from global markets due to sanctions imposed after its invasion of Ukraine. While China has supported Russia, it has also taken steps to distance itself to avoid being targeted by the West. This includes restrictions on lending to Russian clients by Chinese state-run banks in response to US sanctions on lenders that support Russia’s trade in sanctioned goods.
