Contents tagged with China

  • Yuan trading at risk on Moscow Exchange amid escalating sanctions and stock market panic

    There’s a growing panic on the Russian stock market, and now the Moscow Exchange may have to halt trading of the Chinese national currency, the yuan.

    This comes in the wake of the Moscow Exchange being cut off from trading in US dollars and euros, leading to mounting concerns that the Chinese yuan could be next.

    Reports from Russian media, citing experts, indicate high risks that Chinese banks will cease cooperation with the Moscow Exchange and the National Clearing Center of the Russian …

  • Zelensky warns China's support for North Korea's military aid to Russia would be a global tragedy

    Ukraine's President Volodymyr Zelensky warned that if China joins other Russian allies, it will be a tragedy. In a recent interview, a segment of which he posted on his Telegram channel, Zelensky emphasised that if China were to support North Korea's supplies, for example, it would lead to "a completely different story."

    "This is not just a tragedy in terms of words. It is because Russia is currently aligned with North Korea and Iran. Iran delivers drones and, unfortunately, other weaponry," …

  • Zelensky: Xi Jinping assures China won’t supply weapons to Russia

    Ukrainian President Volodymyr Zelensky stated that Chinese President Xi Jinping has promised not to supply weapons to Russia. "I spoke with the head of China over the phone. He said that he would not sell weapons to Russia. We'll see. If he is an honourable person, he will not. Because he gave me his word," Zelensky said, during a joint press conference with U.S. President Joe Biden at the G7 summit in Italy.

    During the press conference, Volodymyr Zelensky called the security agreement reached …

  • Putin and Xi cement strategic alliance amid rising tensions with US

    Russian and Chinese leaders have reaffirmed their shared strategic interests and criticized what they see as the global dominance of the United States. During talks on Thursday, 16 May, the two sides agreed to expand political and economic cooperation.

    Putin is currently on a two-day state visit to China. This marks his first overseas trip since his inauguration for a fifth term as Russia's president. At the outset of his visit, Putin emphasised the "unprecedentedly high level of strategic …

  • Macron welcomes China's pledge to avoid arming Russia

    French President Emmanuel Macron welcomed China's commitment to "refrain from supplying any weapons" to Russia and from giving it any assistance. He made these remarks during a joint press conference with Chinese leader Xi Jinping, according to Le Figaro.

    Macron stated that France "respects the longstanding ties between China and Russia." At the same time, he highlighted that despite these ties, Beijing had found the strength "not to offer military aid to Russia."

    "In light of this complex …

  • China to open drone production plant in Russia

    Chinese company Jitian Intelligent Equipment has announced its intention to build a drone manufacturing plant in Krasnodar, Russia. Preliminary reports suggest the facility will produce 20 unmanned aerial vehicles (UAVs) per month, reports the Russian news outlets CNews.

    The Chinese company reportedly plans to invest 40 million rubles ($436,200). Currently, Jitian Intelligent Equipment has only established a representative office in Krasnodar and is in the process of selecting a site for the …

  • Turkey and China scale back trade with Russia amid sanction fears

    Turkey and China, major trading partners of Moscow, have unexpectedly reduced their goods shipments to Russia due to fears of secondary sanctions from Washington, The Moscow Times reports, citing economic analysts.

    Analysts believe the recent export boom has been deflating not only because of the threat of sanctions but also due to complications in money transactions. The Financial Times and Bloomberg also report a worsening situation for Russia. For China, the Russian market remains secondary …

  • China cuts key equipment shipments to Russia amid sanctions threat

    China has drastically cut its direct shipments of equipment to Russia, including machinery, components, and electrical gear, in response to threats of new sanctions from Western countries, reports the Russian news agency RBC.

    According to information from Chinese customs, in March this year, China's exports of these categories of goods to Russia plummeted by 15% compared with the same period last year, amounting to $2.9 billion. China's total exports to Russia also declined by 14.2% year-on- …

  • Chinese banks halt yuan payments from Russia over sanctions concerns

    Major Chinese banks have stopped accepting yuan payments from Russia, effectively blocking transactions, with funds being returned to customers in the Russian Federation. According to the Russian publication Izvestia, Chinese banks and financial institutions have begun to massively block yuan payments from Russia due to fears of Western sanctions.

    At least eight credit institutions have declined Russian payments, according to reports. These include major banks like Ping An Bank and Bank of …

  • Russian oil exports pivot east with hefty discounts, costing companies billions in lost revenue

    The redirection of Russian oil exports to the East following Western sanctions and a European embargo has resulted in multibillion-dollar losses for Russian oil companies. Compelled to offer discounts in order to secure Chinese buyers, the Russian oil producers have missed out on approximately $9 billion in revenue. From March to December 2022, the total discount provided to Chinese buyers of Russian oil was $5.3 billion, and from January to September 2023 it was a further $3.7 billion, …