Inside China’s biggest bank’s London operation: Probe reveals Beijing’s links to Russian oligarchs

An investigation based on 4.8 million ICBC records reveals the bank’s London operations involving Russian oligarch-linked companies and projects tied to Beijing’s strategic interests

The London operations of China’s biggest bank were used to provide financing and banking services to companies linked to Russian oligarchs and other high-risk clients, while pursuing objectives aligned with Beijing’s wider geopolitical interests, an investigation by the International Consortium of Investigative Journalists (ICIJ) has found.

According to ICIJ, ICBC’s London operations became an important financing hub for companies linked to sanctioned Russian and Belarusian business owners, politically exposed individuals and governments.

The records also show that officers in London were at times directed by ICBC’s Beijing headquarters to pursue objectives linked to the Chinese state. These included securing access to natural resources, strengthening alliances and expanding Chinese involvement in communications, energy and transport infrastructure, ICIJ reported.

ICBC and Russian oligarch-linked Nornickel

One of the most significant cases involved Russian mining company Norilsk Nickel, commonly known as Nornickel. ICIJ found that ICBC London considered providing loans and other financial services to Nornickel even as Western sanctions were affecting the company and its ownership links.

The company was partly owned by Russian oligarchs who had been sanctioned by Western governments. The documents showed ICBC bankers discussing ways to provide financing in renminbi rather than US dollars, potentially reducing the company's exposure to the US financial system.

The investigation also found that ICBC had provided about $105 million to Nornickel in 2017 as part of a larger $2.5 billion borrowing arrangement.

ICIJ reported that the financing raised concerns inside the bank because Russian businessman Oleg Deripaska indirectly held a stake in Nornickel. The bank later changed its internal policy to allow business with companies in which sanctioned individuals or entities held less than a specified ownership threshold.

The records show that ICBC continued to consider Nornickel for financing in 2024. That was after the United States and UK had imposed restrictions affecting Russian metals.

Nornickel's products are also important to China's electric vehicle and battery industries, giving the company strategic relevance for Chinese supply chains, according to ICIJ.

A wider network of politically sensitive clients

The investigation found that Nornickel was not an isolated case. ICBC London also provided financing or banking services to companies and institutions connected to Azerbaijan, Angola, Belarus and other countries.

In one case, the bank considered a relationship with Pasha Bank, which is co-owned by the daughters of Azerbaijan President Ilham Aliyev. Internal records showed concerns about corruption and the source of funds, according to ICIJ.

ICBC also lent about $90 million to Azerbaijan's state oil company Socar despite compliance concerns. Internal documents described Socar as strategically important to China's Belt and Road Initiative, the investigation said.

In Africa, ICBC and another Chinese state-owned bank approved a $659 million loan for a port project in Sierra Leone. Beijing headquarters pushed for the financing before all the required documents had been obtained, according to the records reviewed by ICIJ.

The bank also financed Angola's state oil company Sonangol. Its lending to the company included more than $2.5 billion, with internal documents referring to Angola's importance as a Belt and Road partner.

London as a gateway for China's global banking strategy

ICBC's London operations are part of a much larger global network.

ICBC had more than $8 trillion in assets and 410 subsidiaries and branches across 49 countries and regions by the end of 2025, making it the world's largest bank by assets, according to ICIJ's analysis of company data.

The bank established a presence in the UK in 1995 and later expanded its London operations. Its UK entities are regulated by Britain's Financial Conduct Authority.

ICIJ said the records show that the London office became an important channel for financing Chinese investments and foreign projects that were strategically important to Beijing.

The investigation also found instances where the bank's own anti-money laundering and sanctions controls were weakened or bypassed.

In a 2019 internal memo, a money laundering reporting officer warned that there was "very little appetite" within the bank to remove high financial-crime-risk business, according to ICIJ.

The Chinese government rejected what it described as false narratives about Chinese banks' overseas activities. It said overseas financing follows market principles and international rules and does not seek political interests.

ICBC did not respond to repeated requests for comment from ICIJ, according to the investigation.

The investigation comes at a time when Chinese banks have expanded their role in global trade and infrastructure financing.

The investigation is based on 4.8 million confidential records from the London branch of the Industrial and Commercial Bank of China (ICBC) and a UK subsidiary. The records cover the period from 2005 to 2024 and include internal emails, client files, meeting minutes, suspicious transaction reports and directives from the bank’s Communist Party committee.