China Won’t Recognize Biden’s Sanctions on Russia
Top Chinese banking regulator: “China won’t join such sanctions.”
The top Chinese banking regulator announced on Wednesday that China won’t recognize the sanctions imposed on Russia by U.S. President Joe Biden and other Western countries.
Despite sweeping trade and financial sanctions imposed in the wake of the Russian invasion of Ukraine by the U.S., European Union, Britain, and Japan, “China won’t join such sanctions” and “will continue to maintain normal economic, trade and financial exchanges with” Russia, declared Guo Shuqing, head of the China Banking and Insurance Regulatory Commission.
Shuqing, who is also the Communist Party secretary of the Chinese central bank, said that “Beijing neither supports, nor will be taking part in the imposition of, financial sanctions imposed by the West and its allies against Russia,” The South China Morning Post reported.
China’s Commerce Minister, Wang Wentao, went a step further, declaring the U.S. and Western sanctions on Russia ‘illegal.” China “firmly opposes any illegal unilateral sanctions,” he said.
The news agency Reuters reported the Chinese rejection of Russia sanctions:
China will not join in sanctions on Russia that have been led by the West, the country’s banking regulator said on Wednesday, adding that he believed the impact of the measures on China would be limited.
China, which has refused to condemn Russia’s invasion of Ukraine, has repeatedly criticised what it calls illegal and unilateral sanctions.
“As far as financial sanctions are concerned, we do not approve of these, especially the unilaterally launched sanctions because they do not work well and have no legal grounds,” Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, told a news conference. (…)
China and Russia have grown increasingly close in recent years, including as trading partners. Total trade between the two jumped 35.9% last year to a record $146.9 billion, according to Chinese customs data, with Russia serving as a major source of oil, gas, coal and agriculture commodities, running a trade surplus with China.
China’s rejection could weaken the Russian sanctions announced by President Joe Biden amid great fanfare. The cornerstone of Biden’s sanction framework is excluding leading Russian banks from the Swift payment system. The move is designed to cripple Russia’s ability to export oil and gas and make it difficult for the Putin regime to import critical technologies for its industrial sector.
If China does not recognize Western sanctions, Chinese banks could help Russia bypass the Swift ban. China has also created the Cross-Border Interbank Payment System (CIPS), a global payment system to rival Swift.
Cut off from the Western banking system, Russia is likely to fall further into China’s influence. “Sanctions on Moscow are likely to accelerate connection and transactions between Chinese and Russian payment systems,” The South China Morning Post projected. “Russia could turn China for trade, entirely bypassing the dollar-based transaction network,” the Japanese business daily Nikkei precited.
The emerging China-Russia axis was a long time in making. Three months before President Vladimir Putin ordered a full-scale invasion of Ukraine, he forged a de facto military alliance with China. In late November, Chinese and Russian defense chiefs signed a “road map” for closer military cooperation by 2026. The combined annual military budget of China and Russia, estimated to be over $800 billion, exceeds the United States.
“China will not participate in Russia sanctions”
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Here comes reality to upset the narrative….
The Russian bear better be careful about the company it keeps. When that Chinese snake starts winding around him, it isn’t just giving him a friendly hug.
Show of hands:
1. “I’m shocked! Simply shocked, to find out!”
2. ‘Forget it, Jake — it’s Chinatown.”
1. Jump up and clap your hands.
2. Say, “Best President ever.”
We’re the weakest we’ve been in 100-years. That sound you hear is the Dollar slowly being dislodges as global reserve current. Things will be appreciably worse a year from now….sooner if the Chicoms take Taiwan…and China understands that.
Well surprise, surprise, surprise!
There was speculation predicting exactly this two days ago at The Donald. Do we really want to throw Russia into the arms of China?
“We” are doing no such thing. Both of these frenemies have economies that are already in a tailspin and depending on each other while their world disintegrates. “We” hold the key to everything, we could restore adults to our government and turn on the oil spigots and leave these two skunks out the global community.
Not so sure about China’s economy being in a “tailspin,” especially after Apple inked a $275 BILLION deal with China a couple months ago. Nearly every major US and European multi-billion dollar company from Nike to Google to Disney to the NBA depends on China and spends billions in China. While China does have a real estate crisis looming, the US had the same type of crisis in 2008. China will just do what the US did if the crisis comes to fruition.
You are looking at the wrong things. They have a huge electric power shortage which is why they are so desperate for coal. And their biggest hydroelectric dam is at risk of collapsing. People aren’t getting paid. It’s a big mess. Everything is falling apart.
Only the Biden administration could possibly be surprised by this.
If you want to read just how weak, feckless, gullible, and too stupid to live the Biden admin is when it comes to foreign policy, the NYT has an “exclusive” with Biden administration on their “diplomatic efforts” to gain China’s support to stop the Russian invasion of Ukraine, read this article:
“U.S. Officials Repeatedly Urged China to Help Avert War in Ukraine
Americans presented Chinese officials with intelligence on Russia’s troop buildup in hopes that President Xi Jinping would step in, but were repeatedly rebuffed…”
Maybe the fact that the Chinese wouldn’t even meet with U.S. who “scrambled” trying to get a half dozen meetings with the CHICOMs over the three month period prior to the Russian invasion and never met once. That’s the “repeatedly rebuffed” part. But it gets even more embarrassing. That intel the Biden admin shared with China? They turned around almost immediately and gave it to Putin.
The Biden admin was “puzzled” why the Chinese always took Russia’s side. That and the fact Xi and Putin have met at least 37 times (when the Chinese wouldn’t meet once with Biden admin officials in the three months prior to the Russian invasion) should have been a clue that they weren’t going to help us stop a war in which Putin wants to restore essentially the borders of the Czarist Russian Empire.
Why would they? They want to do the same thing. This war serves their interests entirely. Pitting Russian against “the West,” but really the U.S. of course weakens both. And how “the West” responds will figure in their calculus of retaking Taiwan.
Like I said, they want to restore their empire, too.
Even worse, China wants the Yuan to replace the U.S. dollar as the global currency of trade. This gives them the opportunity to make huge strides toward that goal.
“China’s CIPS Likely To Rescue Russia To Tide Over The SWIFT Ban”
CIPS stands for Cross-border Interbank Payment System, and all payments have to be made in Yuan as opposed to the dollar-based European SWIFT system.
“Chinese state media Feb. 28 described the SWIFT ban on Russian banks as a “financial nuclear weapon,” but noted that the ban would create new opportunities for CIPS.
Chinese payment-related stocks put up a stellar show Feb. 28 as China’s own cross-border payment system got more takers and accelerated the development of Chinese digital currency, the e-CNY.
…In any case, after the SWIFT ban, Russia’s $1.5 trillion economy is at the mercy of CIPS, which will definitely profit from the presence of the 11th largest economy in the world at its disposal. De-dollarization by China and Russia has gathered steam.
Will China’s homegrown mechanism enable Russia to cushion the impact of isolation from the world’s biggest interbank payment messaging system?
At least to a greater extent.”
CIPS is still tiny compared to SWIFT. But the Chinese always play the long game.
Another thing that is beyond stupid is the Biden admin officials who gave interviews to the NYT, and the reporters at the NYT itself, thought that this report would make Biden look good and the Chinese look bad.
Nobody can read it without coming to the opposite conclusion. The CHICOMs played Biden and co. like a fiddle. Just as they did at the Anchorage summit when the CHICOMs berated the U.S. as an evil racist country using the left’s own rhetoric. Under Biden the USG has walked into every trap the CHICOMs have laid for us, and we’ll continue because they are too stupid to learn.”
The overall takeaway is, “My God, we’re being governed by mentally ill idiots!”
Now you see why Dictator Dementia late to the gate sanctions will have no effect
How about just ONE politician or commentator urging people to leave Chinese goods on the shelf?
Biden gave great lip service in the SOTU to buying American, after a lifetime of hard work during which he destroyed as many American industries as he could manage and shipped them to China.
Dream the impossible dream.
That would require a huge change from our elites in the form of incentives to restore domestic manufacturing, necessitating even greater rise in worker pay than we are beginning to see. It would upend the entire Davos/WEF globalist order by making the US far more self reliant and more independent of world events. It would begin to reverse the last 30 years or longer accumulation of wealth and concentration of power by corporations. Our crony capitalist elites are unlikely to willingly end the gravy train the current system provides them.
If you were heavily invested in a
countrycompany would you urge people not to buy its products?
Is Xi, are the Chinese communists, worried that they will ever be sanctioned for practical and actual slavery, diversity, Green environmentalism, national incursions; violent territorial disputes, one-child/selective-child, etc.?
The Ukrainian coup is part of the Obama, Biden, Clinton, McCain, Biden’s Spring series: Slavic Spring. The goal is to Gaddafi the Russian leaders. While the Russian goal is to mitigate the progress of an American-supplied Cuban crisis in Europe and surrounding territories.
That said, 32 trimesters for the post-coup regime in Kiev to reconcile and offer remediation to affected native people… persons.
Once we regain our energy, manufacturing and agricultural independence, we start imposing tariffs and duties to cancel out the slavery subsidy. Slavery is only expedient because we lack the moral fortitude to punish those who profit from it. It certainly isn’t efficient.
Slavery, yes. You would think that would be uncontroversial. However, labor and environmental arbitrage, generally. The arbitrage games are where markets die in darkness, and redistributive change and Green environmentalism flourish.
Russia will blow their “wad” before they EVER allow that
And why in the fuck would they help a weak irrelevant man?
What a difference a weak American President makes.
They have a common cause to sustain a cover-up of Obama, Biden, Clinton, McCain, Biden’s Slavic Spring with “benefits”, and China’s sordid history past, present, and progressive.
Thanks, Vijeta, for another excellent report, and the background context.
“Three months before President Vladimir Putin ordered a full-scale invasion of Ukraine, he forged a de facto military alliance with China.”
I’m ever so, so glad that we have General Mark Milley on our side.
China is watching Putin’s invasion of Ukraine and taking notes on how China can insulate itself from countermeasures in preparation for invading Taiwan.
I wonder how much Putin actually trusts the Chinese. He is an avid historian, and he patterns himself after Stalin. Putin certainly knows what happened when Stalin allied himself with Hitler, thinking they could easily divide the spoils of war, including Poland. (Molotov–Ribbentrop Pact)
Operation Barbarossa (German invasion of Russia) quickly disabused Stalin of any remaining friendship with Hitler. Hitler had successfully played Stalin, and the result was 40 million dead Russians.
I can’t imagine that Putin will actually allow himself to trust the Chinese. Both Putin and Xi are trying to use each other as pawns, to be discarded whenever they cease being useful.
Yes, the “you first” strategy…
Translation into English: China tells their best trading partner to get screwed.
China doesn’t want any country messing with them when they go after Taiwan.
China Joe has nothing on them to force them to comply
The primary purpose of Brandon’s sanctions, such as they are, is to enable him and his junta to blame Putin for Bidinflation.
Item: Guo Shuqing’s surname is Guo, not Shuqing.
as for the rest, I’m sure China sees this as a way to gain control of Russian mineral resources. Who knows? They might later lay claim on the Greater Northeast if they perceive Russia is economically weakened enough.
US Admiral Warns Nuclear War With Russia, China Is a ‘Real Possibility’
STRATCOM chief calls for a policy that views the use of nuclear weapons as a ‘very real possibility’
The STRATCOM chief said Russia and China “have begun to aggressively challenge international norms and global peace using instruments of power and threats of force in ways not seen since the height of the Cold War.”
The only way to break this logjam, unfortunately, is to impose secondary sanctions and tertiary sanctions to shut down trade with China & Russia or with any country that actually trades with China and Russia. The Chinese need Russian coal, but the market in Russia may not be sufficient to absorb the manufactured goods whose export keeps the Chinese economy going. Cutting off Chinese Imports cold turkey would be extremely painful for the West, but we probably could outlast the Chinese and the Russians until their economies both collapse and their governments are consumed by internal insurrection. The Chinese may be rational enough to know that they are better off isolating Russia, but I’m not sure that Putin and his thugs or military would back off.
The US isn’t even going to consider meaningful ‘sanctions’ on China. The globalist want an interdependent world in which the US specifically and the west in general are incapable of being self reliant. They have largely succeeded in destroying our domestic manufacturing, pharmaceuticals (the US can’t make asprin) and now Biden has allowed/is allowing domestic energy to stall. Amazon would close up the next day.
If the US imposed true ‘sanctions’ on China then Apple, Nike, Hollywood, Facebook, TicTock, among others can’t sell or buy from nor operate in China. Any meaningful sanctions on China are a pipedream under this administration. Not gonna happen.
take out china first. They are playing exactly the same game the Japanese played before wwii while Hitler over ran Europe. and now…….biden is ignoring the russians because he is on their side. Biden, Putin, trudeaux, xi……all the same guy. It’s the socialist/fascist/ communist way…..the mafia way.. Joe has already given Ukraine to the Russians…..he is a criminal, a liar, and a traitor.