The US is weighing using the power of the dollar to stop Chinese banks aiding Russia — but its plan could backfire

• Chinese banks are helping to aid Russia's invasion of Ukraine, the US alleges. 
• The US is considering sanctions to cut Chinese banks off from the dollar, according to The Wall Street Journal.
• However, it may speed up de-dollarization efforts by China and Russia.

The US is drawing up sanctions that could cause some Chinese banks to lose access to the dollar, according to The Wall Street Journal.

The measures are being taken to prevent what the US sees as China's support for Russia's invasion of Ukraine, the outlet reported, citing people familiar with the matter.