China “does not want to be affected” by Western sanctions against Russia, said Chinese Foreign Minister Wang Yi, quoted by the State News Agency, as pressure from Beijing to withdraw support for Moscow grew. China is not part of the crisis (Ukraine) and does not want to be affected by sanctions,” Wang said in a telephone conversation with his Spanish colleague José Manuel Albares.
He added that his country “has always opposed the use of sanctions to solve problems, and there are far fewer unilateral sanctions that are not supported by international law.” “China has the right to protect its rights and legitimate interests,” Wang said.
This comment is known to be a growing concern among investors about the possibility that Chinese companies will face US sanctions after US officials say that Russia has requested military and financial assistance from Beijing. According to people familiar with the matter, the United States warned its European allies that Russia had requested armed drones from China at the end of February, when the invasion of Ukraine began.
Almost three weeks after the invasion of Russian troops into Ukraine, the Moscow army bombed and besieged several cities. This fight killed thousands of people, destroyed infrastructure, and millions of people left Ukraine.
The king's comments were announced at the end of a seven-hour meeting between the US and Chinese authorities in Rome, where Washington expressed concern about the “alignment” between Russia and China.
Moscow and Beijing have recently become closer, and for Washington, these hostile alliances of authoritarian powers are increasingly hostile. The Xi Jinping regime refused to publicly condemn Moscow's crimes in Ukraine, and the US media reported that Russia asked China for military and economic assistance to combat military operations and harsh Western sanctions.
At a meeting in Rome on Monday, Chinese diplomat Yang Jiechi reaffirmed his country's position that “we are doing our best to promote peace talks”, the official Xinhua News Agency reported. China then urged all parties to exercise “maximum restraint” and “protection of civilians” during the Ukrainian crisis.
Washington expects Beijing to exert influence on Putin.
US authorities have repeatedly warned China not to help the Kremlin evade sanctions, but Commerce Secretary Zina Lai Mondo said last week that there is no evidence that Chinese companies plan to help Moscow bypass US restrictions.
This raised concerns that the crisis could accelerate the separation between the two major economies of the world. Hong Kong's Chinese stock index fell 21% from the world's worst performance among active trading benchmarks since the invasion, falling to its lowest level since 2008. US-listed Chinese stocks fell 12% on Monday after falling 10% for two consecutive days due to concerns that US investors could no longer trade on the US stock exchange.
As long as the US Rhodium Group can reliably threaten secondary sanctions by the US Rhodium Group in a March 3 report, China is moving cautiously to ensure that the big bank complies with US sanctions and “moves cautiously to allow Moscow to bypass export controls on key technologies,” analysts at the research firm said. .
“Beijing will definitely prefer to find a third way between binary options to support or deny Russia,” they wrote. “The problem with Beijing is that maintaining its economic and financial commitment to Russia will be difficult to hide under the current sanctions structure.”
(Including information from AFP and Bloomberg).
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