Kremlin: China Under Pressure, But Trade Ties With Russia to Continue
Pressure on China poses certain challenges, but it will not be an obstacle to the development of trade and economic relations between Russia and China.
Russian Foreign Minister Sergey Lavrov (L) and Chinese Foreign Minister Wang Yi (R) pose for a photo after a signing ceremony in Beijing, China on March 23, 2021. Photo by Anadolu Images.
The Kremlin has stated that China is currently experiencing “unprecedented pressure” from both the United States and the European Union regarding its banks’ acceptance of payments from Russian companies. Kremlin spokesman Dmitry Peskov emphasized that while this pressure poses challenges, it will not impede the ongoing development of trade and economic relations between Russia and China.
In a press briefing held in Moscow on Thursday, Kremlin spokesman Dmitry Peskov revealed that China is currently under “unprecedented pressure” from both the United States and the European Union regarding its banks’ acceptance of payments from Russian companies. This revelation comes amidst escalating tensions between Russia and the West over the ongoing conflict in Ukraine.
Peskov highlighted the robust ties between Moscow and Beijing and expressed confidence in overcoming the current difficulties.
According to reports, several Chinese banks, including Ping An Bank and Bank of Ningbo, have ceased processing payments in Chinese currency from Russia, citing tightening sanctions against Moscow.
Despite these developments, Peskov reassured that Russia and China possess the necessary potential to overcome such obstacles. The US and EU have been pressuring various countries, including Turkey and China, with secondary sanctions for facilitating trade with Russia.
A key trading partner
Russia has increasingly turned to China as a key trading partner, particularly in the energy sector, amid sanctions imposed by Europe following Russia’s military operation in Ukraine. While challenges persist, both Russia and China are committed to maintaining their trade relations and exploring alternative solutions to mitigate the impact of external pressures.
According to Peskov, the pressure on China poses certain challenges, but it will not serve as an obstacle to the continued development of trade and economic relations between Russia and China. He emphasized the strength of the bilateral ties between Moscow and Beijing, expressing confidence in their ability to overcome the current difficulties.
The announcement follows reports indicating that several Chinese banks, including Ping An Bank and Bank of Ningbo, have halted the processing of payments in Chinese currency from Russia. These measures have been attributed to tightening sanctions against Moscow, with the United States threatening banks in countries such as Turkey and China with secondary sanctions for facilitating trade with Russia.
Despite the challenges posed by the pressure from the US and EU, Peskov assured that Russia and China possess the necessary potential to navigate through such obstacles. The two countries have increasingly strengthened their trade relations, particularly in sectors such as energy, as Russia seeks alternative trading partners in the face of sanctions imposed by Europe following its military operation in Ukraine.
Source: Anadolu and Reuters
