The EU is proposing to sanction companies in mainland China for the first time as part of its latest measures aimed at shutting down loopholes that allow Russia to route military technology via third countries to its weapons factories.
Three companies in mainland China, as well as four in Hong Kong and one in India, are on a 91-page document of companies and individuals who EU member states want to add to a growing sanctions list before the second anniversary of Russia’s invasion of Ukraine.
As the EU, the UK and US representatives prepare to meet in Brussels on Wednesday, a source said more tools were needed to ensure Moscow could not get around existing restrictions.
A source said: “Russia is straining every sinew to get around our sanctions but we need to do more. We need to shut down loopholes, target circumvention routes, drive down revenues further.”
This isn’t even close to being true. Germany and Australia alone each account for more of China’s trade than Russia does. Trade between China and the EU or US dwarfs trade with Russia. Not to mention all the nearby large economies like Japan, South Korea, Indonesia, and Vietnam.
If it comes down to nothing but money, China will never throw in with Russia because it makes enormously more with North America and Europe. There’s a clear incentive to play both sides of course, but if forced to choose then there’s only one obvious answer in financial terms.
Yes sorry. Russia’s only trade partner worth mentioning is China. China still trades with everyone, but as he article suggests it might not be as easy for them in the future.