Contents tagged with China
-
Putin and Xi cement strategic alliance amid rising tensions with US
Russian and Chinese leaders have reaffirmed their shared strategic interests and criticized what they see as the global dominance of the United States. During talks on Thursday, 16 May, the two sides agreed to expand political and economic cooperation.
Putin is currently on a two-day state visit to China. This marks his first overseas trip since his inauguration for a fifth term as Russia's president. At the outset of his visit, Putin emphasised the "unprecedentedly high level of strategic …
-
Macron welcomes China's pledge to avoid arming Russia
French President Emmanuel Macron welcomed China's commitment to "refrain from supplying any weapons" to Russia and from giving it any assistance. He made these remarks during a joint press conference with Chinese leader Xi Jinping, according to Le Figaro.
Macron stated that France "respects the longstanding ties between China and Russia." At the same time, he highlighted that despite these ties, Beijing had found the strength "not to offer military aid to Russia."
"In light of this complex …
-
China to open drone production plant in Russia
Chinese company Jitian Intelligent Equipment has announced its intention to build a drone manufacturing plant in Krasnodar, Russia. Preliminary reports suggest the facility will produce 20 unmanned aerial vehicles (UAVs) per month, reports the Russian news outlets CNews.
The Chinese company reportedly plans to invest 40 million rubles ($436,200). Currently, Jitian Intelligent Equipment has only established a representative office in Krasnodar and is in the process of selecting a site for the …
-
Turkey and China scale back trade with Russia amid sanction fears
Turkey and China, major trading partners of Moscow, have unexpectedly reduced their goods shipments to Russia due to fears of secondary sanctions from Washington, The Moscow Times reports, citing economic analysts.
Analysts believe the recent export boom has been deflating not only because of the threat of sanctions but also due to complications in money transactions. The Financial Times and Bloomberg also report a worsening situation for Russia. For China, the Russian market remains secondary …
-
China cuts key equipment shipments to Russia amid sanctions threat
China has drastically cut its direct shipments of equipment to Russia, including machinery, components, and electrical gear, in response to threats of new sanctions from Western countries, reports the Russian news agency RBC.
According to information from Chinese customs, in March this year, China's exports of these categories of goods to Russia plummeted by 15% compared with the same period last year, amounting to $2.9 billion. China's total exports to Russia also declined by 14.2% year-on- …
-
Chinese banks halt yuan payments from Russia over sanctions concerns
Major Chinese banks have stopped accepting yuan payments from Russia, effectively blocking transactions, with funds being returned to customers in the Russian Federation. According to the Russian publication Izvestia, Chinese banks and financial institutions have begun to massively block yuan payments from Russia due to fears of Western sanctions.
At least eight credit institutions have declined Russian payments, according to reports. These include major banks like Ping An Bank and Bank of …
-
Russian oil exports pivot east with hefty discounts, costing companies billions in lost revenue
The redirection of Russian oil exports to the East following Western sanctions and a European embargo has resulted in multibillion-dollar losses for Russian oil companies. Compelled to offer discounts in order to secure Chinese buyers, the Russian oil producers have missed out on approximately $9 billion in revenue. From March to December 2022, the total discount provided to Chinese buyers of Russian oil was $5.3 billion, and from January to September 2023 it was a further $3.7 billion, …
-
Russian Finance Minister: China is main supplier of drones to Russia
Nearly all of the imported drones currently owned by Russia were supplied by China, said the Russian Finance Minister, Anton Siluanov. Speaking during a meeting of the State Duma's budget and taxation committee on October 16, Siluanov revealed the source of Russia's drone imports, publicly disclosing this information for the first time since Russia's invasion of Ukraine.
"Today, the majority of drones are from the People's Republic of China. We are grateful to our partners. However, we need to …
-
Zelensky invites Xi Jinping to visit Ukraine
Ukrainian President Volodymyr Zelensky has sent an official invitation to Chinese leader Xi Jinping, who last week made a three-day visit to the Russian Federation and met with Vladimir Putin.
"We are ready to see Xi Jinping. I want to talk to him," Zelensky said in an interview with Associated Press.
The Ukrainian President said that before the beginning of the full-scale war, he was in contact with the President of the People's Republic of China, but there have been no contacts since the …
-
After Xi's visit to Moscow Chinese logistics giant stops shipping goods to Russia
After the visit of Chinese President Xi Jinping to Moscow, during which the Russian and Chinese sides declared a strategic partnership and economic cooperation, the largest logistics company in China stopped the shipment of goods to Russia from its warehouses in Shanghai and Shenzhen.
The news outlet Baza reports, citing a source working in a purchasing department of one of the Russian companies, that the Chinese OOCL Logistics refuses to ship to Russia dresses, skirts, pants, shoes, and other …