Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Politics

Beijing bristles as Chinese companies could face sanctions for Russia assistance: report

by February 16, 2024
February 16, 2024
Beijing bristles as Chinese companies could face sanctions for Russia assistance: report

The European Union (EU) will look to impose sanctions on Chinese companies guilty of assisting Russia in its invasion of Ukraine, which Beijing has blasted as ‘illegal sanctions.’ 

‘We are aware of the relevant reports,’ China’s Ministry of Foreign Affairs wrote in a statement. ‘China firmly opposes illegal sanctions or ‘long-arm jurisdiction’ against China on the grounds of cooperation between China and Russia.’

‘Chinese and Russian enterprises carry out normal exchanges and cooperation and do not target third parties, nor should they be interfered with or influenced by third parties,’ the ministry insisted, adding that the government will ‘take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises.’ 

European officials have pushed for harder sanctions against Chinese companies, with proposals to apply the strictest punishments against around two dozen companies that allegedly have assisted Russia since it commenced the invasion of Ukraine. 

‘Russia is straining every sinew to get around our sanctions, but we need to do more,’ one source told The Guardian regarding the push. ‘We need to shut down loopholes, target circumvention routes, drive down revenues further.’

China has faced accusations since the start of the invasion of serving as backdoor access for Russia to resist the immense strain of sanctions from the U.S. and Europe: Beijing in February 2022 agreed to buy 100 million tons of coal from Moscow, effectively providing a lifeline to Russia. 

Politico reported that a think tank’s sanctions team found that companies in China and Hong Kong now play the role of the ‘most important intermediaries’ for the shipment of battlefield technology to Russia – all subject to Western sanctions. 

Some European member states, such as Germany, have urged against going after third countries who help Russia, but the new proposal would only sanction particular companies rather than the countries in which the companies reside. 

The E.U. in the latest proposal will look particularly at where Russia sources technology, allegedly often acquiring it from ally nations who have bought it from countries like China. The sanctions would also hit companies based in Turkey, India, Thailand and Sri Lanka. 

The companies acquire the parts needed for Russia to produce drones, tanks and guided missiles, including microelectronics and ball bearings produced in E.U. member states, and then sell them to countries such as the United Arab Emirates, Serbia, Kazakhstan and China, who then sell them on to Russia. 

Should the proposal pass, it would present another step in the increasingly fragile relations between China and Europe. E.U. members supported a plan proposed in the summer of 2023 that would seek to source vital minerals and resources from non-Chinese sources. In response, Beijing canceled a summit with European officials. 

China and Russia have pledged to maintain their ‘no-limits partnership’ and ‘close personal interaction’ ahead of Russian President Vladimir Putin’s planned trip to Beijing later this year, Voice of America reported. 

‘Putin’s visit to China [this year] will definitely take place, [and] China looks forward to his arrival,’ Chinese Ambassador to Russia Zhang Hanhui told Russian state media outlet Sputnik last week. 

On a February 8 call, Putin and Chinese President Xi Jinping praised their cooperation in various sectors while slamming ‘U.S. interference in other countries’ affairs.’ 

This post appeared first on FOX NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Israel eliminates Hezbollah senior commander as terror group warns it will pay ‘the price’
next post
Joe Manchin suggests Mitt Romney, Rob Portman as potential running mates as he flirts with third-party ticket

Related Posts

Pundits name their winners and losers from GOP...

August 24, 2023

‘Stop caving to the woke mobs’: GOP ramps...

May 4, 2024

MTG on 9/11 says states ‘should consider’ secession...

September 12, 2023

Tim Scott sitting on $21 million war chest...

July 13, 2023

Biden says his memory is ‘fine,’ he is...

February 9, 2024

Boston mayor responds after lawmakers try to slash...

June 19, 2023

Israel launches 10,000th airstrike against Hamas, as Palestinians...

December 5, 2023

Trump might be winning now, but here are...

May 30, 2024

Senate GOP lawmakers bash $1.66 trillion Johnson-Schumer budget...

January 9, 2024

JFK’s grandson calls RFK’s Jr. candidacy an ’embarrassment’...

July 22, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Run Your Stock Portfolio Like a Pro Sports Team

    • Leadership Rotation Could Confirm Corrective Phase

    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

    • 1911 Gold Temporarily Suspends Operations at True North Complex due to Bissett Evacuation Order

    • Ontario Backs Down on Key Bill 5 Provisions, Echoes BC’s Mining Debate

    • Appeals Court Grants Trump Temporary Reprieve on Tariffs, “TACO” Taunts Gain Steam

    Categories

    • Business (1,223)
    • Investing (2,503)
    • Politics (3,699)
    • Stocks (1,614)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved