Ukraine sanctions slow the growth of Sino-Russian trade
In March trade grew by 12.8 per cent, down from 25.7 per cent in February. Beijing is careful not to violate the punitive measures adopted by the West against Moscow. The Chinese are avoiding new oil contracts with the Russians. Xi Jinping's goal is to find a balance between the US and the EU on the one hand and the Kremlin on the other.
Beijing (AsiaNews) – Sino-Russian trade is growing at a slower pace. In March it was 12.8 per cent year-on-year, about half that of February (25.7 per cent), when Moscow attacked Ukraine, this according to Chinese customs data.
The slowdown in trade between the two countries coincides with the outbreak of war in Ukraine and the consequent imposition of sanctions on Russia by the United States, the European Union and their allies.
Beijing officially maintains a line of neutrality on the crisis, without condemning the Kremlin, with which it has recently established a “no limits” friendship, and criticised Western restrictions on Moscow.
While Chinese state propaganda domestically supports Vladimir Putin's war adventure, the government seems careful not to violate the punitive measures adopted by the West against Russia.
The United States and the European Union have repeatedly said that there would be consequences if Beijing helps Moscow get around the sanctions.
According to US government officials and several analysts, nothing suggests that China is breaking the sanction regime against its northern neighbour.
Chinese oil refineries are for instance avoiding new contracts with Russian exporters, despite steep discount, Reuters reports.
In late March, the Chinese state giant Sinopec suspended negotiations for a major investment in the Russian petrochemical sector and joint marketing of Russian gas.
There is also little evidence that Chinese banks are rescuing sanctioned Russian financial institutions. The China-based Asian Infrastructure Investment Bank has stopped lending to Russian and Belarusian entities. Belarus is Russia’s ally.
Chinese leaders are engaged a balancing act, trying to save the special relationship with Russia without endangering trade with the United States and the European Union.
It should be noted that the United States and the European Union together account for more than a quarter of China's global trade, while the Russia’s share is just 2.4 per cent.
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18/07/2018 08:53
