China Won’t Back Global Sanctions Against Russia

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Don’t look for Beijing to join the crippling financial sanctions much of the international community is using to pressure Russian President Vladimir Putin into ending his war on Ukraine.

On Wednesday, China’s top banking and insurance regulator said the country opposes the sanctions, which are aimed at preventing Russia from selling goods on the global market. The statement from Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, threw cold water on the idea that the world’s No. 2 superpower might help complete the isolation of Moscow.

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“Everyone is watching the recent military conflict, or war, between Russia and Ukraine,” Guo said at a press conference in Mandarin, according to a CNBC translation. “China’s position has been stated clearly by the Ministry of Foreign Affairs. Our international policies are consistent.

“Regarding financial sanctions, we do not support that,” he added. “China won’t join such sanctions.“

Guo, a top Chinese Communist Party leader, is the rough equivalent of the U.S. chairman of the Federal Reserve.

China has sent mixed signals on Russia’s invasion, calling for peace, expressing “regret” for the war and support for sovereignty, but never directly calling out Russia’s brutality.

Western countries have cut off key Russian financial institutions from SWIFT, the main secure messaging system that facilitates cross-border financial transactions and money transfers. The move all but prevents them from international transactions. U.S. officials said the move was undertaken in order to send the ruble into a “free fall” and push up the inflationary pressure in Russia with hopes of rattling Putin.

The U.S. and other Western powers additionally restricted the Russian central bank from accessing a large share of its more than $600 billion in foreign currency reserves, which it would have tried to use to prevent the ruble’s depreciation and dampen inflation. On Tuesday, the ruble was worth less than a penny.

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Multinational oil companies have announced an end to partnerships with Russian producers, and payments systems have suspended service in Russia, leading to citizens being unable to ride trains and make simple purchases.

Several members of Putin’s inner circle of billionaire oligarchs have been hit personally by widening sanctions and are believed to be pressuring the Russian president to end the war.


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