Major British lenders are reportedly sharing their «scenario planning» with the UK and US governments for any potential future escalation of Western sanctions against China, according to a lobby group.
Large British banks have shared «scenario planning» with the UK and US governments, according to a «Reuters» report citing Neil Whiley, director of sanctions at UK Finance. The contents shared include lessons learned from other sanctions frameworks, such as those on Russia, and discussions about the potential effects of measures imposed on China.
According to Whiley, UK Finance convened fortnightly meetings with big British and overseas lenders over several months before drawing up a draft document by August and sharing it with Western government contacts. He noted that the project was designed to assess potential risks and did not reflect expectations or requests for more sanctions.
UK Finance is a lobby group that represents around 300 firms, including HSBC, Barclays and JPMorgan.
