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8th Largest Bank in World Opening Operations in Russia. It's Chinese.

We told you this sanction thing wasn't going to work...
MORE: China

This post first appeared on Russia Insider


The Russian newspaper Kommersant reported yesterday that the Agricultural Bank of China is starting operations in Russia.  

This is a big deal, because this bank is huge, the eighth largest in the world.  

<figcaption>Silly Europeans ...</figcaption>
Silly Europeans ...

It's a sign of how quickly China will be able to fill the financing vacuum left by sanction, and an example of European companies losing markets to Chinese competitors.

It is also a sign that China is seriously interested in investing in Russia's enormous unrealized agriculture potential.  China, a net food importer, has been scooping up agricultural deals around the world, competing for scarce crop lands.  

Expect to see increased Chinese investment in Russian agriculture.


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