All eyes have been on what the Chinese will do as Western sanctions hit Russia’s economy.
China will consider its own interests when deciding whether it should help Russia cope with the impact of Western sanctions as a result of the Ukraine war, according to a former deputy sanctions coordinator for the U.S. State Department. « The U.S. government will see China as very important here, » Richard Nephew told CNBC Monday, in responding to a question on how important China’s role is in ensuring the efficacy of U.S. sanctions. He added that the Chinese have the ability to offer « some degree » of support for Russia as Moscow suffers the fallout from those sanctions. Following Russia’s invasion of Ukraine, the U.S. and European Union have stepped in with sanctions on Russia’s banks, central bank and on the assets of its oligarchs. The U.S. last week further imposed bans on Russian oil. Investors are watching closely to see what China will do as those sanctions hit Russia’s economy. Moscow is counting on Beijing for help to cope with the blow to its economy, the Financial Times reported. However, the U.S. is warning China not to support the rogue country. « The Chinese are always going to consider their national interests, and they still have a substantial interest in being able to do business in Europe, do business in the United States, » Nephew told CNBC’s « Street Signs Asia.
