{"id":1932779,"date":"2023-05-17T15:26:08","date_gmt":"2023-05-17T19:26:08","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-wont-find-same-unity-in-imposing-sanctions-against-china-as-it-did-with-russia-panel\/"},"modified":"2023-05-17T15:26:08","modified_gmt":"2023-05-17T19:26:08","slug":"us-wont-find-same-unity-in-imposing-sanctions-against-china-as-it-did-with-russia-panel","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-wont-find-same-unity-in-imposing-sanctions-against-china-as-it-did-with-russia-panel\/","title":{"rendered":"US Won\u2019t Find Same Unity in Imposing Sanctions Against China as It Did With Russia: Panel"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-wont-find-same-unity-in-imposing-sanctions-against-china-as-it-did-with-russia-panel%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1932779&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>Russian President Vladimir Putin spent nearly a decade developing a \u201cFortress Russia\u201d strategy to mitigate the impact on his nation and its financial institutions from Western sanctions before launching his February 2022 invasion of Ukraine.<\/p>\n<p> That strategy, which included an accelerated \u201cde-dollarization\u201d effort since 2014, has failed in the face of stiff sanctions imposed by the United States and its allies and partners, which were not only unprecedented in scale and scope but equally unprecedented for the unity in which they were implemented, freezing more than $300 billion in Russian assets in banks after the invasion.<\/p>\n<p> That is unlikely to happen, however, should the United States try to rally the international community to impose blanket sanctions across financial institutions, banks, and corporations in China, panelists at a May 16 Center for Strategic and International Studies (CSIS) forum agreed.<\/p>\n<p> \u201cThere is a big difference. China is confident that it\u2019s too big to sanction and it\u2019s banking on that,\u201d said Maria Shagina, a Diamond-Brown senior research fellow for Economic Sanctions, Standards, and Strategy at the London-based International Institute for Strategic Studies (IISS).<\/p>\n<p> \u201cThey absolutely view their huge trade, and their dominance of important supply chains, as being their fundamental aid\u201d in thwarting sanctions should they be imposed by the U.S.,\u201d said \u202fBarry Naughton, the So Kwan Lok chair of Chinese International Affairs at the School of Global Policy and Strategy at the University of California San Diego.<\/p>\n<p> \u201cThere are so many merchandise areas where the U.S. and other Western countries are very, very dependent on China,\u201d continued Naughton, co-author of a January CSIS report\u00a0titled \u201cCCP Inc.: The Reshaping of China\u2019s State Capitalist System.\u201d<\/p>\n<p> \u201cI think they [China] are in a period now where they\u2019re saying, \u2018Actually, we should intensify the dependence of other countries on us in these merchandise areas so they [the West] don\u2019t have as free a hand to initiate sanctions,\u2019\u201d he said.<\/p>\n<p>  The Department of the Treasury\u2019s seal outside the Treasury Department building in Washington on May 4, 2021. (Patrick Semansky\/AP Photo) Sanctions Too Costly for All If China\u2019s communist regime, for example, follows through with its threats to invade Taiwan, demanding a global \u201cdecoupling from China,\u201d as President Joe Biden is expected to call for in an anticipated executive order, there may not be as unified a response as there was in sanctioning Russia after its Ukraine invasion, said Martin Chorzempa, a senior fellow at the Washington-based Peterson Institute for International Economics (PIIE).<\/p>\n<p> \u201cIf Chinese banks actually find themselves on the sanction list as a result, say, of a mainland invasion of Taiwan, that would be catastrophic for many of them. Right now, there\u2019s [a] very limited alternative, and that makes them very, very nervous about this,\u201d he said.<\/p>\n<p> On the other hand, Chorzempa said, \u201cDue to \u2026 the global spillover effects that would have, the costs [of sanctions] would be immense to the United States in putting major China banks\u2014not like the little Bank of Quinlan, Bank of Dandong, or North Korea sanctions [on] specialized institutions\u2014but if you put a Bank of China and ICBC [Industrial and Commercial Bank of China] on those lists, you have immense ripple effects around the world.<\/p>\n<p> \u201cThat doesn\u2019t mean it is not going to happen,\u201d he continued. \u201cIt doesn\u2019t mean Congress won\u2019t pass some law that would require [sanctioning] them, even if the people in the Treasury Department know just how costly that would be.\u201d<\/p>\n<p>  A man walks past a booth of the Bank of China at the Main Press Centre of the 2022 Winter Olympics in Beijing on Jan. 28, 2022. (Fabrice Coffrini\/AFP via Getty Images) Therefore, in assessing the effectiveness of sanctions against other nations, Beijing \u201crecognizes at the most important level that they have to make it too expensive and too risky for the United States to impose major financial sanctions on China, and if you look at the U.S. policy response to all of the perceived issues with China in tech and elsewhere, you\u2019d see that sanctions is one thing that really hasn\u2019t been used very much.\u201d<\/p>\n<p> Naughton said the United States certainly wouldn\u2019t get the same unity from European countries in sanctioning China as it did against Russia.<\/p>\n<p> \u201cThe shared sense of threat that existed in the Russia-Ukraine case definitely does not exist in the China case, so if I were thinking from the perspective of a Chinese official, I would be much more concerned with unilateral U.S. sanctions\u201d than from Europeans and even some western Pacific countries such as Singapore, he said.<\/p>\n<p> But China does have vulnerabilities, the panel moderated by CSIS Economics Program Senior Fellow Gerard DiPippo, noted. While China may have manufacturing and trade dominance, the United States still maintains its post-World War II dominance of the \u201cglobal financial infrastructure.\u201d<\/p>\n<p> Mistaken Assumptions The one-hour discussion, \u201cChinese Assessments of Counter Sanctions Strategies,\u201d focused on three policy papers published in Chinese state media, written in August and October, and read by CSIS staffers routinely. Two of the papers were written by authors who work for China\u2019s central bank, and one is a member of the Shanghai Academy of Social Sciences.<\/p>\n<p> Chorzempa said at least one of the papers claimed the \u201cweaponization of global public goods\u201d by the United States has been \u201cenabled by the hegemonic position of the U.S. dollar and United States financial institutions. There are not many alternatives to the U.S. dollar right now.\u201d<\/p>\n<p> All three panelists pointed to inaccurate assumptions in the papers.<\/p>\n<p> In one, the author said in assessing sanctions against Iran that \u201cthe U.S. imposed the sanctions in order to get people to stop investing in Iran and instead to go to the U.S. dollar to kind of attract capital and scare people away from other countries,\u201d Chorzempa said. \u201cI don\u2019t think that\u2019s accurate. It shows that there is a pretty dark view in China \u2026 of the motivations that the U.S. has when imposing sanctions.\u201d<\/p>\n<p> \u201cSome of it is true, that we are in an era of weaponization of finance, but some of the pictures are too black and white,\u201d Shagina said, including in reference to Russia that the United States is \u201cthe only\u201d nation involved, that it \u201cmasterminded Western sanctions, so there is zero agency for the EU or the UK\u201d when both have imposed sanctions on Russia independent of the United States.<\/p>\n<p> The articles state that as a result of the sanctions, Europe was facing \u201cdoom-and-gloom scenarios\u201d that include its \u201cworst energy crisis ever\u201d and that there is a \u201cbacklash that the weaponization of finance has triggered, this \u2018de-dollarization,\u2019\u201d which are exaggerations, she said.<\/p>\n<p> \u201cWe know now that Europe is not in the worst energy crisis ever. Prices have come down, gas storage is better than it was before,\u201d Shagina said, before cautioning when it comes to next winter, \u201cWe\u2019re not out of the woods.\u201d<\/p>\n<p> The authors cite as a \u201csuccessful example\u201d Russia\u2019s rubles for gas payments program, she said. \u201cWell, that hasn\u2019t been successful. Many European countries simply dropped contracts with [Russia\u2019s] Gazprom, and now we know that Russian gas has dropped 70 percent\u201d in price.<\/p>\n<p>  Gazprom Neft\u2019s oil refinery in Omsk, Russia, on Feb. 10, 2020. (Alexey Malgavko\/Reuters) Shagina said one article discussed how Russia and India were in talks about national curr<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russian President Vladimir Putin spent nearly a decade developing a \u201cFortress Russia\u201d strategy to mitigate the impact on his nation and its financial institutions from Western sanctions before launching his February 2022 invasion of Ukraine. That strategy, which included an accelerated \u201cde-dollarization\u201d effort since 2014, has failed in the face of stiff sanctions imposed by<\/p>\n","protected":false},"author":509,"featured_media":1932780,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[4501,26999,8636,4280,5036,5017,4324],"class_list":["post-1932779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-china","tag-imposing","tag-panel","tag-russia","tag-sanctions","tag-unity","tag-wont"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1932779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/509"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1932779"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1932779\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1932780"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1932779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1932779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1932779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}