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Zimbabwe Placed Under Sanctions By A Chinese Bank

4 years agoThu, 08 Aug 2019 09:03:34 GMT
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Zimbabwe Placed Under Sanctions By A Chinese Bank

Zimbabwe has been blacklisted by a Chinese State-owned bank, China Everbright Bank.

New Zimbabwe reports that it has a copy of a communique which reveals that Zimbabwe will no longer be able to conduct business on any of its platforms even through counterparty countries on its behalf.

The development has since been communicated to bank officials through the list titled, ‘Unilateral Sanctions’ which features Zimbabwe and other blacklisted countries.

This comes when Zimbabwe is currently not in good books with Western financial institutions.

Zimbabwe considers China its “all-weather friend” with the Sino-Zimbabwe relations spanning back to the period when Zimbabwe was under British colonialism.

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The Asian giant has been conducting business with Zimbabwe without any conditionality. China has been arguing that its policy is of non-interference with the domestic affairs of other countries.

China has often come under fire for exporting goods of poor quality to African states compared to those sold to developed economies. In defence, China would argue that the goods are commensurate with the money paid.

Other countries which have been blacklisted include Sudan, South Sudan, DRC, Burundi, Liberia, Central Africa Republic (CAR), Libya, Somalia and Ivory Coast. The list also has countries like Syria, Iraq, Iran, Yemen, Venezuela and Serbia, Albania, Belarus, Balkan Peninsula, Bosnia and Herzegovina, North Korea, Cuba, Montenegro, Kosovo, Yugoslavia, Lebanon, Macedonia and Ukraine.

More: New Zimbabwe

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