fredag 3. mars 2023

China is helping to prop up the Russian economy. Here’s how

In the year since the Russian invasion of Ukraine, Moscow has been hit by unprecedented Western sanctions and shut out of much of the global economy. But China, which has declared “no limits” to its friendship with its northern neighbor, has thrown the Kremlin an economic lifeline, tempering the impact of its banishment from the global financial system.

Underscoring the closeness of the relationship, China’s top diplomat Wang Yi met President Vladimir Putin during a visit to Moscow on Wednesday. The Wall Street Journal reported that Chinese President Xi Jinping and Putin could hold a summit in Moscow in April or early May. Here are three ways in which China, the world’s biggest buyer of commodities and a financial and technological powerhouse, has been propping up the Russian economy.