Russia Ukraine War: Since taking office last year, President Joe Biden has adopted a strategy to restore ties with allies to put pressure on Beijing. The Russian invasion of Ukraine nearly two weeks ago showed what its allies could do.
The speed and severity with which the US and its allies have imposed sanctions on Russia is a warning to China, which could determine the course of future economic and foreign policy.
But Trump did it all alone. At the same time, they damaged relations with Europe and provoked uncertainty among American allies in Asia.
Reva Goujon, senior manager of the China Corporate Advisory Team at CNBC Rhodium Group, said: “Given the US’s success in coordinating financial sanctions and export controls not only with Europe but also with Japan, a key player in the technology value chain – this is the top Very dangerous for Jinping.”
From Germany to Japan, many countries joined the US in freezing the assets of Russian oligarchs, restricting access to Russia’s biggest banks to the global financial system, and cutting Russia off from critical technology.
China condemns ‘unilateral’ sanctions
On Monday, Chinese Foreign Minister Wang Yi said the friendship between China and Russia is “rock solid”. He specifically pointed to a joint statement last month between Chinese President Xi Jinping and Russian President Vladimir Putin, in which China and Russia have “entered a new era in international relations” and “no boundaries” for their countries’ cooperation. did not tell.
Beijing has refused to call Russia’s attack on Ukraine an “aggression”. China has focused on promoting dialogue between Russia and Ukraine, and it opposes economic measures taken against Russia.
China’s foreign ministry has repeatedly stated that it “opposes all illegal unilateral sanctions.” It did not elaborate on how sanctions imposed by several countries against Russia could be considered unilateral.
When asked about a “coalition of Western countries” excluding Russia from the SWIFT banking network, Foreign Ministry spokesman Wang Wenbin said last week that “China does not agree to resolve issues with sanctions, then Even less unilateral sanctions, which lack the basis of international law.
Rising trade tensions between the US and China in the past few years had already intensified Beijing’s efforts to strengthen ties with Europe. The Ukraine war threatens all of that.
China’s “balancing task” of quietly supporting Russia while maintaining ties with Europe is going to get more and more difficult. “The trade relations with the European Union primarily have consequences,” said Nick Marrow, global trade leader at The Economist Intelligence Unit.
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