Contents tagged with China
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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 …
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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- …
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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 …
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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, …
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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 …
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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 …
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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 …
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Lukashenko to visit China
The self-proclaimed president of Belarus, Alexander Lukashenko, will make a "state visit" to China on February 28-March 2, reported his press service.
"The focus will be on the development of trade, economic, investment and humanitarian cooperation, the implementation of joint large-scale projects, interaction in the political sphere, responding to the most acute challenges in the modern international situation," the statement reads.
Minsk authorities claim that Lukashenko and Chinese …
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German media: China preparing to supply Russia with kamikaze drones for war in Ukraine
China is going to supply Russia with kamikaze drones, which will be used against Ukraine, reports Der Spiegel. According to the newspaper, Moscow and Beijing are already in talks about the first shipment of one hundred drones.
According to Der Spiegel, the supplier is the Chinese manufacturer of drones Xi'an Bingo Intelligent Aviation Technology. The company has agreed to provide Russia with prototypes of his ZT-180 UAVs by April 2023. Military experts believe that the drones will be similar …
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Beijing bans exports of Chinese military grade processors to Russia
The Chinese government has banned exports of Loongson processors, which use proprietary LoongArch architecture, to Russia, reports the Russian newspaper Kommersant.
The reason for the ban was that this technology was deemed strategically important by the Chinese authorities since it is used in the defense industry. Russian electronics manufacturers have already tested these Chinese processors in case the shipments of American Intel and AMD processors are blocked.
Kommersant notes that now it …