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Ukraine crisis: China’s economy faces ‘minimal’ fallout from sanctions on Russia, despite close ties
- Russia’s escalation of the Ukraine crisis has drawn swift global condemnation and a narrow set of sanctions from the US
- Analysts say the impact of further Western sanctions on Russia-China economic cooperation is likely to be ‘limited’
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Biden imposes sanctions, calls Putin’s moves ‘start of Russian invasion’ of Ukraine
Biden imposes sanctions, calls Putin’s moves ‘start of Russian invasion’ of Ukraine
China’s “robust” trade relationship with Russia could put it in a position to offer economic and diplomatic help to Moscow, as it faces numerous sanctions from the United States and its European allies over its aggression towards Ukraine.
China’s economy faces “limited” and “minimal” impact from any sanctions against Russia after President Vladimir Putin formally recognised two breakaway regions in eastern Ukraine on Monday, and China even has the potential to benefit from a potential conflict – including from cheaper oil prices – analysts say.
Putin’s recognition of Ukraine’s Donetsk and Luhansk regions – collectively known as the Donbas – comes just over two and a half weeks after his meeting with Chinese Preident Xi Jinping in Beijing earlier this month.
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The escalation of the crisis drew swift international condemnation and immediate sanctions from US President Joe Biden, who signed an executive order halting American business activity in the breakaway regions and banning imports of all goods from areas controlled by Russian-backed separatists.
The impact on Russia-China economic cooperation is going to be quite limited
“The impact on Russia-China economic cooperation is going to be quite limited, mostly to the American sanctions targeting the companies doing business with Donetsk and Lugansk,” said Anna Kireeva, associate professor at Moscow State Institute of International Relations.
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