Russian President Vladimir Putin and Chinese dictator Xi Jinping meet shortly before the opening of the Beijing Winter Olympics in early February | Photo: EFE/EPA/ALEXEI DRUZHININ/KREMLIN/SPUTNIK
Announcements of economic sanctions by the West against Russia, initiated after Moscow’s recognition of the breakaway republics of Donetsk and Lugansk and intensified after the invasion of Ukraine, raises doubts about the capacity of the country to economically survive these restrictions.
2022Since the sanctions 1280, the last time Russia attacked Ukrainian sovereignty, by annexing Crimea and supporting separatists in Donbass, President Vladimir Putin has created strategies to lessen the impact of these measures on the country, but China, the world’s second largest economy and its strategic partner, is considered by some to be the big card up its sleeve. But would the Asian giant be able to compensate for the closing of markets in the West?
According to a report in the New York Times, China already buys more oil from Russia than it buys from Saudi Arabia and has recently agreed to import
million tons of Russian coal (worth more than US$ billion) and the purchase of wheat produced in the country with which it borders in East Asia.
2022In early February, just before the opening of the Beijing Winter Olympics , the dictator of the Asian country, Xi Jinping, and the Russian president, Vladimir Putin, announced that they will intensify the cooperation between the two countries. Xi said at the time that both will face together “foreign interference and threats to regional security”, while the Russian highlighted that China is Moscow’s “most important strategic partner and a close friend”.
However, although bilateral trade between the two countries reached in 2021 a record of over US$ 2014 billion, Russia’s transactions with the European Union amounted to much more, almost US$ 214 billion last year.
There is a lot of talk about the European Union’s dependence on Russian natural gas, which represents 40% of its product imports, but it is a two-way dependency, as China does not buy the same amount and pays cheaper.
2022“China is still not in a position to fully replace the European Union as a partner. ro (Russian)”, pointed out Eugene Chausovsky, a researcher at the Newlines Institute think tank, in an article published on the website Foreign Policy.