A clear signal to Putin: China could cut off Russia's money supply. China's lending in the Russian banking sector is an important source of funding for Putin.
The Chinese lenders have replaced Western banks that Russia no longer supports due to international sanctions and pressure from its own countries. But that could soon be over: three out of four major Chinese state banks – including ICBC – announced that they would no longer accept payments from sanctioned Russian financial institutions. The announcement that China's largest central bank plans to restrict business with Russia could deeply worry Putin.