Archive · 16 Sep 2026
ICBC London Probe Finds Russian Oligarch Links, Beijing Interests
An investigation looked at millions of confidential records from a Chinese bank’s offices in London.
The records covered activity from 2005 through 2024.
They showed that the bank worked with some companies connected to sanctioned Russian business owners and other politically sensitive clients.
One important example was Nornickel, a Russian mining company.
The bank discussed ways to lend to Nornickel while reducing its use of the US financial system.
The records also described loans for projects and companies in countries such as Azerbaijan, Angola and Sierra Leone.
Investigators said some of these deals supported China’s broader goals involving resources, trade and infrastructure.
A bank officer warned that the bank had little willingness to remove clients with high financial-crime risks.
China denied that its banks pursue political interests overseas, while ICBC did not comment to the investigators.
An ICIJ investigation reviewed 4.8 million records from ICBC’s London operations covering 2005 to 2024.
The records describe financing and banking services for companies linked to sanctioned Russian and Belarusian business owners and other high-risk clients.
ICBC London provided about $105 million to Nornickel in 2017 and considered further financing in 2024 despite sanctions-related concerns.
The bank also financed projects and state-linked entities in Azerbaijan, Angola and Sierra Leone that were considered important to China’s strategic interests.
China rejected the investigation’s characterization, saying overseas financing follows market principles and international rules; ICBC did not respond.
- Who
- The International Consortium of Investigative Journalists investigated the Industrial and Commercial Bank of China’s London operations, including dealings with Nornickel and other politically connected clients.
- What
- The investigation found that ICBC London financed or considered financing for high-risk, sanctioned-linked and strategically important companies and projects, while some controls were weakened or bypassed.
- When
- The records cover 2005 to 2024; ICBC continued considering Nornickel financing in 2024.
- Where
- ICBC’s London operations and UK subsidiary, with financing involving Russia, Azerbaijan, Angola, Belarus and Sierra Leone.
- Why
- According to ICIJ, some activity served Beijing’s wider interests in natural resources, alliances, communications, energy and transport infrastructure; China said financing followed market principles and international rules.
ICIJ Investigation Findings
Chinese Government Response
Purpose of overseas financing
ICIJ Investigation Findings
ICIJ said the records showed London officers were directed at times to pursue objectives aligned with Beijing’s geopolitical interests, including resources, alliances and infrastructure.
Chinese Government Response
The Chinese government rejected what it called false narratives and said Chinese banks’ overseas financing follows market principles and international rules rather than political interests.
Risk controls and client relationships
ICIJ Investigation Findings
The investigation reported that ICBC provided or considered services for clients linked to sanctioned individuals and other high-risk entities, and that anti-money-laundering and sanctions controls were sometimes weakened or bypassed.
Chinese Government Response
The available article does not provide a specific ICBC response to these allegations; ICBC did not respond to repeated requests for comment from ICIJ.
Nornickel financing
ICIJ Investigation Findings
ICIJ said ICBC considered financing Nornickel despite sanctions-related concerns and discussed renminbi financing that could reduce exposure to the US financial system.
Chinese Government Response
The available article does not report a direct response from Nornickel or ICBC disputing these specific findings.
- Records reviewed
- 4.8 million confidential ICBC London records
- Records period
- 2005–2024
- Nornickel financing
- About $105 million provided in 2017 as part of a larger $2.5 billion borrowing arrangement
- Azerbaijan oil-company loan
- About $90 million lent to the State Oil Company of the Republic of Azerbaijan
- Sierra Leone port loan
- A $659 million loan approved by ICBC and another Chinese state-owned bank
- Angola financing
- More than $2.5 billion lent to Sonangol
- Bank scale
- More than $8 trillion in assets and 410 subsidiaries and branches across 49 countries and regions by the end of 2025