Hong Kong (CNN Business)China is quietly distancing itself from Russia's sanction-hit economy.
The two states proclaimed last month that their friendship had "no limits." That was before Russia launched its war in Ukraine.
Now, with Russia's economy being slammed with sanctions from all over the world, there is growing evidence that China's willingness and ability to aid its northern neighbor may be limited. Beijing has refused to condemn Russia's attack on Ukraine but wants to avoid being impacted by the sanctions it has repeatedly denounced as an ineffective way of resolving the crisis.
"China is not a party to the [Ukraine] crisis, and doesn't want the sanctions to affect China," Foreign Minister Wang Yi said Tuesday during a phone call with his Spanish counterpart.
Beijing also gave its full backing Wednesday to comments made earlier this week by China's ambassador to Ukraine. "China will never attack Ukraine. We will help, especially economically," Fan Xianrong was quoted as saying in a press release from the Lviv regional government.
Fears that Chinese companies could face US sanctions over ties with Russia had contributed to an epic sell-off in Chinese stocks recent days. That slump was reversed Wednesday when Beijing promised it would pursue policies to boost its sputtering economy and keep financial markets stable.
More at : https://www.cnn.com/2022/03/17/business/china-russia-sanctions-friction-intl-hnk/index.html
The two states proclaimed last month that their friendship had "no limits." That was before Russia launched its war in Ukraine.
Now, with Russia's economy being slammed with sanctions from all over the world, there is growing evidence that China's willingness and ability to aid its northern neighbor may be limited. Beijing has refused to condemn Russia's attack on Ukraine but wants to avoid being impacted by the sanctions it has repeatedly denounced as an ineffective way of resolving the crisis.
"China is not a party to the [Ukraine] crisis, and doesn't want the sanctions to affect China," Foreign Minister Wang Yi said Tuesday during a phone call with his Spanish counterpart.
Beijing also gave its full backing Wednesday to comments made earlier this week by China's ambassador to Ukraine. "China will never attack Ukraine. We will help, especially economically," Fan Xianrong was quoted as saying in a press release from the Lviv regional government.
Fears that Chinese companies could face US sanctions over ties with Russia had contributed to an epic sell-off in Chinese stocks recent days. That slump was reversed Wednesday when Beijing promised it would pursue policies to boost its sputtering economy and keep financial markets stable.
More at : https://www.cnn.com/2022/03/17/business/china-russia-sanctions-friction-intl-hnk/index.html
