China rejects further restraints on trade with Russia ahead of top US envoy Antony Blinken’s arrival in Beijing
- Report on possible sanctions on Chinese banks draws sharp rebuttal from Foreign Ministry, as US Secretary of State Antony Blinken heads for talks with Chinese leaders
- China’s ‘normal economic and trade exchanges with all countries – including Russia – on the basis of equality and mutual benefit cannot be interfered with’, spokesman says
China said it would “resolutely defend” its “inviolable” rights to trade with Russia, as the United States reportedly considers sanctioning Chinese banks during US Secretary of State Antony Blinken’s three-day trip to Beijing.
Just a day ahead of Blinken’s arrival, The Wall Street Journal reported on Tuesday that Washington was drafting sanctions against Chinese banks to provide him with the leverage to persuade Beijing to stop its commercial support of Russia’s military production.
The proposed sanctions would cut some Chinese banks off from the global financial system, among Washington’s strongest financial coercive tools, according to the report which cited sources. Russian banks have been cut off since the war against Ukraine started in February 2022.
In response to the report, Chinese foreign ministry spokesman Wang Wenbin said that Beijing had already set export restrictions on dual-use products – products that could have military applications – and rejected any criticism.
“China’s right to conduct normal economic and trade exchanges with all countries in the world – including Russia – on the basis of equality and mutual benefit cannot be interfered with or undermined, and China’s legitimate rights and interests cannot be infringed upon,” Wang said.
Two months after Russia invaded Ukraine in 2022, the Chinese Ministry of Commerce issued a draft regulation on dual-use items export control, and in 2023 further tightened export restrictions on drones that could have potential military uses.