Will he help Russia to cushion the economic crisis?
(Photo: imago images/Xinhua)
Beijing As Western banks and corporations declare their withdrawal from Russia, Moscow’s attention turns to a strategic ally of the country: Can China help cushion the worst of the sanctions fallout?
The Chinese government has repeatedly condemned sanctions against Russia and described them as “illegal”. Beijing neither supports nor will participate in the financial sanctions imposed by the West on Russia, Guo Shuqing, head of China’s banking and insurance regulator, stressed on Wednesday. Efforts are being made to establish “normal” trade and financial relations with both Russia and Ukraine.
As early as 2014, in response to the Crimean sanctions, Russia had made preparations to make “Fortress Russia” more independent from the West. The currency reserves were massively increased and diversified, gold reserves expanded and economic relations with China strengthened.
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