Russian companies seek new financing

Russian companies are diversifying their channels of finance and increasingly seeking loans from China as they face sweeping US and EU sanctions amid the Ukraine crisis.

Zhong Hong, executive senior economist with the Institute of International Finance at Bank of China, said: "Many Russian companies are turning their eyes toward global financial centers in the East, including Hong Kong, Singapore and Shanghai, as their relations with Western countries continue to sour.

"A growing number of Russian banks and companies choose to seek finance from China, especially under the rapid development of Sino-Russian trade."