Post by Bonobo on Mar 20, 2022 10:05:13 GMT 1
For a while Russians cherished dreams that China would help them avoid and overcome Western sanctions. They must be hugely disappointed coz it is not happening.
wydarzenia.interia.pl/raporty/raport-ukraina-rosja/aktualnosci/news-chiny-dyskretnie-utrudniaja-zycie-rosji-robia-to-na-cztery-s,nId,5901173
China is discreetly making Russia's life difficult. They do this in four ways
Compiled by: Aleksandra Waleczek
UKRAINE - RUSSIA Today, March 20 (07:00)
SHARE
China's relationship with Russia is being tested over the war in Ukraine. On February 4, both countries signed a joint declaration in which they openly declared "friendship without borders". However, Russia's aggression against Ukraine and the resulting numerous sanctions against Moscow definitely do not serve it. The actions of Vladimir Putin clearly discourage the Middle Kingdom from supporting its ally. CNN reports that China is already discreetly trying to make Russia's life difficult.
The war in Ukraine affected China's relations with Russia , which until recently had been united by a strong alliance based on a common border and strong economic cooperation. For many years, both superpowers have also had complicated political relations with the USA , which undoubtedly influences their mutual support.
China and Russia: Friendship Without Borders?
On February 4 , i.e. three weeks before the Russian troops entered Ukraine, Vladimir Putin and Xi Jinping met . China then openly supported Russia in terms of foreign and security policy.
China backed Russia 's critical stance on NATO 's eastern enlargement , and the joint statement declared that the strategic cooperation between the two countries took the form of "friendship without borders" .
Their current relations, however, are not as good as one might suppose a dozen or so days ago. It is evident that the partnership with Russia is currently doing China more harm than good.
After Russia's attack on Ukraine and the imposition of numerous sanctions on China 's ally , it can be seen that the Middle Kingdom is quietly making life difficult for the Russian Federation, CNN notes. How?
China cannot openly support Russia because it is dependent on the West?
Both China and Russia have a difficult relationship with the United States. Confirmation of the Sino-Russian alliance would probably be a significant reduction in the use of US resources, but, as CNN notes, the Middle Kingdom cannot afford to take such a step, as trade between China and the West must be smooth.
American technology is very important to many Chinese industries, and Chinese banks cannot afford to lose access to US dollars.
China accelerated the dramatic fall in the value of the ruble
During the war in Ukraine, China is guided by its own interests, which is why it allows the depreciation of the Russian currency against the yuan. The Middle Kingdom does not want to keep the ruble at a fixed rate , because it would require the Chinese central bank to finance Russian buyers of Chinese goods, offering them more yuan per ruble than the Russian currency is actually worth. The lack of a fixed ruble exchange rate makes the Russian currency lose its importance even faster.
CNN notes that such a turn of events will mean that the Russians will spend more in rubles for importing products such as cars or smartphones from China, which are extremely popular in Russia .Chinese phone brands such as Xiaomi and Huawei are hugely popular in Russia and competed with Apple and Samsung for market leadership before the war.
China did not grant Russia access to yuan reserves
Russia was hoping to be able to use its reserves in yuan, worth $ 90 billion. The local finance minister, Anton Siluanov, announced that he wanted to take advantage of them, but China did not give him an answer. The reason for this turn of events is probably the fear of possible sanctions that the West might impose on the Middle Kingdom.
García-Herrero noted that if China allowed Moscow to convert its yuan reserves into US dollars or euros, "it would clearly help Russia in its current stalemate." However, "the risk of a potential breach of Western sanctions on reputation would be a huge step for the PBOC to take and is therefore highly unlikely."
China has refused to send Russia parts for airplanes
China has also refused to accept a Russian request to ship parts to Russian airline planes, which is necessary to ensure passenger safety. In early March, Valery Kudinov from the Russian air transport agency revealed that Russia, after an unsuccessful attempt to obtain parts from China , must look for the possibility of obtaining parts from Turkey or India.
CNN asked the Chinese foreign ministry for comment, but the response only reiterated Beijing's opposition to the sanctions and stressed that China and Russia would maintain "normal economic and trade cooperation."
The Chinese bank has suspended programs in Russia and Belarus
After the World Bank halted its programs in Russia and Belarus after the attack on Ukraine, the Beijing-based Asian Infrastructure Investment Bank decided to do the same. In a statement issued by the bank in early March, it was announced that cooperation with Russia and Belarus would be suspended " as the war in Ukraine unfolds." This was justified by concern for the bank's interests .
wydarzenia.interia.pl/raporty/raport-ukraina-rosja/aktualnosci/news-chiny-dyskretnie-utrudniaja-zycie-rosji-robia-to-na-cztery-s,nId,5901173
China is discreetly making Russia's life difficult. They do this in four ways
Compiled by: Aleksandra Waleczek
UKRAINE - RUSSIA Today, March 20 (07:00)
SHARE
China's relationship with Russia is being tested over the war in Ukraine. On February 4, both countries signed a joint declaration in which they openly declared "friendship without borders". However, Russia's aggression against Ukraine and the resulting numerous sanctions against Moscow definitely do not serve it. The actions of Vladimir Putin clearly discourage the Middle Kingdom from supporting its ally. CNN reports that China is already discreetly trying to make Russia's life difficult.
The war in Ukraine affected China's relations with Russia , which until recently had been united by a strong alliance based on a common border and strong economic cooperation. For many years, both superpowers have also had complicated political relations with the USA , which undoubtedly influences their mutual support.
China and Russia: Friendship Without Borders?
On February 4 , i.e. three weeks before the Russian troops entered Ukraine, Vladimir Putin and Xi Jinping met . China then openly supported Russia in terms of foreign and security policy.
China backed Russia 's critical stance on NATO 's eastern enlargement , and the joint statement declared that the strategic cooperation between the two countries took the form of "friendship without borders" .
Their current relations, however, are not as good as one might suppose a dozen or so days ago. It is evident that the partnership with Russia is currently doing China more harm than good.
After Russia's attack on Ukraine and the imposition of numerous sanctions on China 's ally , it can be seen that the Middle Kingdom is quietly making life difficult for the Russian Federation, CNN notes. How?
China cannot openly support Russia because it is dependent on the West?
Both China and Russia have a difficult relationship with the United States. Confirmation of the Sino-Russian alliance would probably be a significant reduction in the use of US resources, but, as CNN notes, the Middle Kingdom cannot afford to take such a step, as trade between China and the West must be smooth.
American technology is very important to many Chinese industries, and Chinese banks cannot afford to lose access to US dollars.
China accelerated the dramatic fall in the value of the ruble
During the war in Ukraine, China is guided by its own interests, which is why it allows the depreciation of the Russian currency against the yuan. The Middle Kingdom does not want to keep the ruble at a fixed rate , because it would require the Chinese central bank to finance Russian buyers of Chinese goods, offering them more yuan per ruble than the Russian currency is actually worth. The lack of a fixed ruble exchange rate makes the Russian currency lose its importance even faster.
CNN notes that such a turn of events will mean that the Russians will spend more in rubles for importing products such as cars or smartphones from China, which are extremely popular in Russia .Chinese phone brands such as Xiaomi and Huawei are hugely popular in Russia and competed with Apple and Samsung for market leadership before the war.
China did not grant Russia access to yuan reserves
Russia was hoping to be able to use its reserves in yuan, worth $ 90 billion. The local finance minister, Anton Siluanov, announced that he wanted to take advantage of them, but China did not give him an answer. The reason for this turn of events is probably the fear of possible sanctions that the West might impose on the Middle Kingdom.
García-Herrero noted that if China allowed Moscow to convert its yuan reserves into US dollars or euros, "it would clearly help Russia in its current stalemate." However, "the risk of a potential breach of Western sanctions on reputation would be a huge step for the PBOC to take and is therefore highly unlikely."
China has refused to send Russia parts for airplanes
China has also refused to accept a Russian request to ship parts to Russian airline planes, which is necessary to ensure passenger safety. In early March, Valery Kudinov from the Russian air transport agency revealed that Russia, after an unsuccessful attempt to obtain parts from China , must look for the possibility of obtaining parts from Turkey or India.
CNN asked the Chinese foreign ministry for comment, but the response only reiterated Beijing's opposition to the sanctions and stressed that China and Russia would maintain "normal economic and trade cooperation."
The Chinese bank has suspended programs in Russia and Belarus
After the World Bank halted its programs in Russia and Belarus after the attack on Ukraine, the Beijing-based Asian Infrastructure Investment Bank decided to do the same. In a statement issued by the bank in early March, it was announced that cooperation with Russia and Belarus would be suspended " as the war in Ukraine unfolds." This was justified by concern for the bank's interests .