ICBC investigated for supporting Chinese geopolitical interests

An investigation by the International Consortium of Investigative Journalists (ICIJ) involving millions of internal records from the Industrial and Commercial Bank of China (ICBC) alleges the bank has functioned as a tool for Chinese geopolitical and economic expansion. The probe examines records from 2005 to 2024, focusing on how ICBC’s London operations provided services to high-risk clients, including sanctioned Russian and Belarusian businessmen and politically connected entities.

Key findings include reports that ICBC London explored renminbi financing for the Russian mining giant Nornickel to bypass dollar-based transactions during the Russia-Ukraine war. The investigation also highlights a 2019 incident where ICBC London transferred $1.3 billion for Huawei shortly after U.S. indictments, a move reportedly conducted without notifying the bank’s internal financial-crime prevention department.

Furthermore, the investigation details connections to Pasha Bank, which is linked to the daughters of Azerbaijan’s president. Despite internal concerns regarding the risk profile of such clients, high-level executives reportedly delayed terminating relationships to allow deposits to mature. Since 2014, ICBC and its overseas branches have faced adverse rulings or penalties totaling at least $96 million across eight jurisdictions.