Contents tagged with China
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Chinese banks halt payments from Russian importers amid sanctions concerns
Several Chinese banks have started refunding payments for goods already delivered to Russian importers by their Chinese business partners, reports Vedomosti, citing four businessmen who have encountered this issue recently.
Russian business representatives have yet to determine the reasons behind the payment rejections in Chinese banks. One source suggested that the issue might be related to compliance checks. However, these incidents are becoming increasingly common.
The payment problem …
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China shifts oil imports from Russia to Middle East
In a significant shift, China has increased its purchases of oil from the Middle East, seemingly at the expense of Russian imports. This development follows Russian President Vladimir Putin's recent visit to Beijing. According to Chinese customs data cited by The Moscow Times, the trend of declining Russian oil imports into China accelerated after the trip in May.
Russian oil companies are grappling with a stark drop in demand from China. In July, Russian oil exports to China fell by 7.4% year- …
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Chinese suppliers seek to reroute goods to Russia via third countries amid sanctions
Chinese suppliers have started requesting routing goods destined to Russia via third countries, reports the Russian news outlet Izvestia.
Russian businessmen have noted that these constraints have been apparent since mid-July. These restrictions predominantly impact products that have landed on Western sanctions lists, with electronics being a primary concern.
Chinese suppliers typically request shipping goods through third countries when they cannot accept payments through Chinese banks or …
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Mongolia rejects 'Power of Siberia-2' gas pipeline, deals major blow to Russia's energy ambitions
In a significant setback for Moscow, Mongolia has definitively rejected the proposal to build the "Power of Siberia-2" gas pipeline. The Chinese newspaper South China Morning Post has reported that Mongolia has officially excluded the pipeline from its long-term plans extending up to 2028.
Experts interpret Mongolia’s decision as the final rejection of the contentious project, which was seen as a financial lifeline for a Russia grappling with sanctions. Losing access to the European gas market …
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Ukraine’s Foreign Minister embarks on landmark visit to China
Ukraine’s Foreign Minister Dmytro Kuleba is set to visit China this week following an invitation from his Chinese counterpart, Wang Yi, according to China’s state news agency Xinhua.
This marks Kuleba’s first trip to Beijing since the onset of Russia’s invasion of Ukraine. For nearly two years, Kuleba has refrained from visiting the Chinese capital.
China's Foreign Ministry has shared limited details about the visit, with spokesperson Mao Ning stating that Kuleba will be in China for several …
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Russia faces major trade disruption as Chinese banks reject Yuan payments
Russian importers are grappling with a new significant issue in their transactions with China. Payments in yuan bought in Russia are increasingly being rejected, causing alarm among market participants, reports The Moscow Times. Both Chinese banks and payment agents handling transfers to the East via third countries are wary of dealing with such funds, sources say.
Market insiders revealed that new terminologies— "clean" and "dirty" yuan—have emerged in the cross-border payments sector since …
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China condemns NATO allegations of support for Russia in Ukraine war
China has sharply criticized the recent decision at the NATO summit in Washington, where Beijing was accused of assisting Russia's military campaign against Ukraine. The summit characterised China as a “decisive force” aiding Moscow’s aggressive action, according to Evropeyska Pravda.
The Chinese Mission to the European Union called on NATO to stop escalating the so-called "China threat" and provoking confrontation. Chinese Foreign Ministry spokesperson Lin Jian accused the alliance of …
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Hungarian PM Viktor Orban's international tour continues with unannounced visit to China amid controversial diplomatic moves
A plane commonly used by Hungarian Prime Minister Viktor Orban for international visits is currently over Russian airspace and is set to land in China on the morning of July 8th.
Hungarian Prime Minister Viktor Orban has already visited Ukraine, Russia and Azerbaijan, and is now en route to China. According to the Hungarian news outlet 444.hu, Orban will arrive in the People’s Republic of China at dawn on Monday, July 8th.
The Hungarian government has yet to provide any details about the …
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Chinese troops arrive in Belarus for joint anti-terror exercises amid tensions with Ukraine
A group of Chinese military personnel has arrived in Belarus, though the exact number remains undisclosed. According to the Belarusian Ministry of Defence, the Chinese soldiers will participate in joint anti-terror exercises to be held from 8 to 19 July. The exercises aim to achieve "coordination between Belarusian and Chinese units." The arrival of the Chinese military is intended to lay the foundation for further development of Belarusian-Chinese military training cooperation.
Meanwhile, …
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China's new export controls disrupt trade with Russia: Russian industry faces delays and rising costs
Starting on July 1, China has implemented export controls on a broad range of products that could be used in military industries and dual-use goods, according to The Moscow Times. This decision was made by the Ministry of Commerce of the People's Republic of China on May 30.
The new list includes equipment, software, technology, parts, components, and engines for aviation and space exploration; everything necessary for the production of gas turbines; some equipment and software for the foundry …