Russia-Ukraine war: China opposes US, EU sanctions
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- China will do normal trade with Moscow
- China has repeatedly opposed the use of economic sanctions
Russia’s close ally China said on Monday it opposes illegal unilateral sanctions and will continue to pursue normal trade cooperation with Moscow, as the US, the European Union and their allies have taken punitive measures against Russia, including through interbank messaging. System Swift.
Asked about what some described as a “financial nuclear option” at a regular press briefing in Beijing, Foreign Ministry spokesman Wang Wenbin said China opposes the use of sanctions to solve problems and Even more opposes unilateral sanctions that have no international basis. Law. “China and Russia will continue to conduct normal trade cooperation in the spirit of mutual respect, equality and mutual benefit,” Wang said.
The US has been joined by some European countries and Canada in removing some Russian banks from SWIFT, the payment system used for most international financial transactions. The move is “unprecedentedly serious” but unlikely to deliver a fatal blow against Russia, not only because of the latter’s protracted preparation, but also because of the West, especially Europe, for China’s state-run Global Times. Because of the difficult-to-replace economic value. Reported.
China has repeatedly opposed the use of economic sanctions. On Monday, Wang said it had long been proven that sanctions, far from solving problems, only create new ones, while pushing the US against undermining China and others’ interests in Ukraine’s handling of the situation. warned.
“We also demand that the US side should not harm the legitimate rights and interests of China and other parties while handling the Ukraine issue and relations with Russia,” Wang said at a news conference whether Huawei and Chinese companies like Xiaomi must comply with US sanctions on Russia and cut off supplies to the country.
Experts have cautioned China to balance economic support for Russia with its own interests, given the potential for further sanctions on Moscow for an invasion of Ukraine. “China will support Russia economically and through trade as much as any Western sanctions allow,” said Mark Williams, chief Asia economist at Capital Economics.
“Small companies and banks may violate sanctions, but large companies and governments will not risk further breakdown in relations with the West,” he told the Hong Kong-based South China Morning Post. Michael Gasiorek, professor of economics at the University of Sussex, said some Russian trade would be redirected to China, which could potentially help Beijing lower tariffs.
“About 40 percent of Russian exports go to the European Union, and 44 percent to NATO, and 36 percent of Russian imports come from the European Union. China accounts for about 22 percent of Russia’s imports and 13 percent of exports.” A comprehensive set of will undoubtedly have a substantial impact on the Russian economy. But of course it will affect the population at large unlike the targeted companies or individuals,” he told the Post.
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