Since the beginning of the year, for the first time since the launch of the One Belt – One Road project in 2013, China has not invested in Russia.
China’s investment in Russia as part of the One Belt, One Road global development and cooperation project in the first half of 2022 dropped to zero for the first time. The Financial Times reported this the other day, citing a report from the Green Finance & Development Center in Shanghai.
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It has been suggested that the lack of investment reflects Beijing’s unwillingness to be subject to sanctions due to deals with Moscow. The center’s director, Christoph Nedopil Wang, admitted that the drop in investment may be temporary, as there is “definitely strong interaction” between Russia and China. Wang, in particular, recalled that despite the war in Ukraine, China increased its purchase of Russian energy.
The FT emphasizes that China is not investing in Russia for the first time since the Belt and Road project was launched in 2013. Last year, Moscow and Beijing signed agreements worth about $2 billion. Overall, since 2013, China has invested more than $30 billion in Russia. At the same time, the newspaper called Russia one of the main beneficiaries of the project. In total, since its establishment in 2013, China’s aggregate investment in various countries has reached $932 billion.
Since the beginning of the Russian invasion of Ukraine, China has repeatedly criticized the international sanctions against the Russian Federation, the FT recalled, but at the same time, many Chinese companies are trying not to violate the imposed ones. restriction. In May, Russia sold a record volume of oil to Beijing, becoming China’s largest supplier of oil products. The record was set, among other things, thanks to huge discounts on Russian oil.
It will be recalled that at the end of June, five Chinese companies were subjected to US sanctions for supporting the Russian army during the war against Ukraine.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.