SANCTIONS: China opposes US, EU sanctions against Russia; says will carry out normal trade with Moscow

China, a close ally of Russia, said on Monday that it was opposed to illegal unilateral sanctions and will continue to carry out normal trade cooperation with Moscow, as the US, EU and their allies stepped up punitive measures against Russia, including the interbank messaging system SWIFT.

Asked about what some have described as the “financial nuclear option” at a regular press briefing in Beijing, Foreign Ministry spokesman Wang Wenbin said China opposes the use of sanctions to solve problems and is even more opposed to unilateral sanctions that have no basis in international law.

“China and Russia will continue to carry out normal trade cooperation in the spirit of mutual respect, equality and mutual benefit,” Wang said.

The US is joined by some European nations and Canada to remove certain Russian banks from SWIFT, the payment system used for most international financial transactions.

The move is “unprecedentedly severe,” but is unlikely to deal a fatal blow against Russia, not only because of the latter’s long preparation but also its hard-to-replace economic value to the West, particularly Europe, China’s state-run Global Times reported.

China has repeatedly expressed opposition to the use of economic sanctions.

On Monday, Wang said that it has long been proved that sanctions, far from solving problems, only create new ones, while warning the US against undermining China’s and others’ interests in dealing with the Ukraine situation.

“We also demand that the US side should not harm the legitimate rights and interests of China and other parties when handling the Ukraine issue and its relations with Russia,” Wang said at a press conference when asked whether Chinese companies such as Huawei and Xiaomi would comply with US sanctions on Russia and stop supplies to the country.

Experts cautioned China to carefully balance economic support for Russia with its own interests given the likelihood of further sanctions on Moscow for its invasion of Ukraine.

“China will support Russia financially and through trade as much as any Western sanctions allow,” Capital Economics’ chief Asia economist Mark Williams said.

“Small companies and banks may breach sanctions, but larger firms and the government won’t risk a further rupture in relations with the West,” he told Hong Kong based South China Morning Post.

Michael Gasiorek, professor of economics at the University of Sussex, said some Russian trade will be redirected to China, which could be helped by Beijing potentially lowering tariffs.

“About 40 per cent of Russian exports go to the EU, and 44 per cent to NATO, and 36 per cent of Russian imports come from the EU. China accounts for about 22 per cent of Russian imports, and 13 per cent of exports,” he said.

“A broader set of sanctions would no doubt have a substantial impact on the Russian economy. But of course this will hit the population at large as opposed to targeted companies or individuals,” he told the Post.

Righteousness2:
This war is bigger than just Russia -Ukraine.

The Bear(Russia) and the Red Dragon (China) are set to unseat and take on the Sleeping Giant ( Nomerica) Financially, Economically, Warfare and so on.

DoggoneDogg:


Last week you supported Ukraine, today Monday you don change mouth after you don see the handwriting on the wall.


This your pastorship get as e be sef

Righteousness2:
i have never supported anyone!
My concern is my Constituent! Which is putting out Bible Prophecies being Fulfilled!

Righteousness2:
This war is bigger than just Russia -Ukraine.

The Bear(Russia) and the Red Dragon (China) are set to unseat and take on the Sleeping Giant ( Nomerica) Financially, Economically, Warfare and so on.

Like I said before, the World is being set for major Wars across the Planet. Ukraine is just a Sacrifical lamb to kick it off.

DoggoneDogg:
[s][/s]

Putin is Christian and Ukraine supports Gay/LGBTQ rights.

Choose. We wan check something.

FERNANDEZISBACK:
That doesn't STOP the almighty from crushing Putin if he misbehaves...
Putin will never achieve his evil motive against Ukraine and the world..

Crayfish09:


Stop dragging the world into this. This is a European conflict and that's that.

Righteousness2:


LGBT and Abominations is what has crippled Nomerica and Europe. It is Evil and will Cripple and Destroy those who Engage in it.

Putin is Gog! It is his time to rage. But GOD ALMIGHTY will deal with him and his Magog nation in Israel

Righteousness2:
This war is bigger than just Russia -Ukraine.

The Bear(Russia) and the Red Dragon (China) are set to unseat and take on the Sleeping Giant ( Nomerica) Financially, Economically, Warfare and so on.

Like I said before, the World is being set for major Wars across the Planet. Ukraine is just a Sacrifical lamb to kick it off.

kodded:


A child of God should never pray for war


What kind of sunday school did you go to?

FERNANDEZISBACK:
That doesn't STOP the almighty from crushing Putin if he misbehaves...
Putin will never achieve his evil motive against Ukraine and the world..

Jerryhare:


Who is that almighty that you're refering to?

Righteousness2:
A lukewarm Christian who does know nor understand the Bible will always rabble rouse.
Wake up From your Slumber So u don't end up as a foolish virgin. There is no more time..

FERNANDEZISBACK:
That doesn't STOP the almighty from crushing Putin if he misbehaves...
Putin will never achieve his evil motive against Ukraine and the world..

DemMannaScam:
Putin is NOT fighting the world, he is dealing with SCAMerica & their partners in chaos & destruction.

And by the time he is through with dem, their lives will never remain the same...

Righteousness2:


LGBT , Abominations and Evils is what has crippled Nomerica , Europe and the Nations. It is Evil and will Cripple and Destroy those who Engage in it.

Putin is Gog! It is his time to rage. But GOD ALMIGHTY will deal with him and his Magog nation in Israel

FERNANDEZISBACK:

Keep quessing..

FERNANDEZISBACK:
That doesn't STOP the almighty from crushing Putin if he misbehaves...
Putin will never achieve his evil motive against Ukraine and the world..

Jerryhare:


See a confused atheist looking unto Almighty

FERNANDEZISBACK:
That doesn't STOP the almighty from crushing Putin if he misbehaves...
Putin will never achieve his evil motive against Ukraine and the world..