Chapter 16 The Impact of U.S. and European Sanctions against Russia on China’s Economy
2023.01.17
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PDF link:第十六章 美歐制裁俄羅斯對中國的影響.pdf
After the outbreak of the Russian-Ukrainian war in 2022, European and the U.S. imposed economic sanctions on Russia, including economic, financial, energy, military and technological export control, which caused Russia to face economic turmoil and a sharp depreciation of the ruble. Western countries are trying to weaken Russia by cutting off its vital economic lifelines. However, Russia has improved its finances by selling relatively cheap energy internationally. For China, the expanding trade volume between Russia and China and China’s large energy imports from Russia have not only helped China diversify its oil imports, but also helped expand the share of RMB in international payments. More importantly, the impact of U.S. and European sanctions against Russia has made the Chinese government vigilant and prompted it to think carefully about countermeasures to protect the country’s economic security.