Russia: Xi Jinping on the West’s Sanctions

Published on March 3, 2022
SGH Insight
President Xi Jinping has instructed China’s State Council to support Russia in the spheres of economy, finance, trade, and high technology, and to help Russia cope with western sanctions.
Chinese companies will be told to give priority to purchasing Russian products, which are “basically the same in quality and price” as those from Western countries.
Sino-Russian traded goods is said should be settled directly in Chinese Renminbi and Russian Ruble as soon as possible. Chinese foreign trade companies that have difficulties in settling accounts directly with RMB and Ruble are told they can conduct barter trade.
Market Validation
Bloomberg 3/8/22

China Considers Buying Stakes in Russian Energy, Commodity Firms
Beijing’s talking with state-owned firms on opportunities
Any deal is to bolster energy, commodity imports

China is considering buying or increasing stakes in Russian energy and commodities companies, such as gas giant Gazprom PJSC and aluminum producer United Co. Rusal International PJSC, according to people familiar with the matter.
Beijing is in talks with its state-owned firms, including China National Petroleum Corp., China Petrochemical Corp., Aluminum Corp. of China and China Minmetals Corp., on any opportunities for potential investments in Russian companies or assets, the people said. Europe
The two countries had already been strengthening ties, with Presidents Xi Jinping and Vladimir Putin last month signing a series of deals to boost Russian supply of gas and oil, as well as wheat. Gazprom and Rosneft PJSC were among Russian energy giants sealing agreements as the two leaders met in Beijing ahead of the Winter Olympics.

President Xi Jinping has instructed China’s State Council to support Russia in the spheres of economy, finance, trade, and high technology, and to help Russia cope with western sanctions.

Chinese companies will be told to give priority to purchasing Russian products, which are “basically the same in quality and price” as those from Western countries.

Sino-Russian traded goods is said should be settled directly in Chinese Renminbi and Russian Ruble as soon as possible. Chinese foreign trade companies that have difficulties in settling accounts directly with RMB and Ruble are told they can conduct barter trade.

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