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The U.S. has warned of “significant consequences” if Chinese firms aid Moscow’s war on Ukraine, marking one of its sternest messages to Beijing.
Following discussions in Guangzhou on Friday and Saturday, the U.S. Treasury Secretary, Janet Yellen, “emphasized that companies, including those in the PRC, must not provide material support for Russia’s war against Ukraine … and the significant consequences if they do so,” reported The Financial Times.
Yellen’s caution followed Secretary of State Antony Blinken’s statement to EU and NATO foreign ministers, which noted that Beijing’s assistance to Moscow, including tools, inputs, and technical expertise, is at an alarming level, the report added.
The aid is notably concentrated on Russia’s optical equipment and propellant production, as well as its space sector, which Blinken argued not only fuels Russia’s aggression in Ukraine but also poses a threat to other nations.
Throughout the meeting of NATO foreign ministers on Wednesday and Thursday this week, Blinken consistently expressed concerns about China, the report said.
Western nations have implemented numerous rounds of sanctions and trade embargoes against Russia to weaken its economy, disrupt military supplies and stop its two-year conflict with Ukraine.
Despite these efforts, Moscow has managed to sustain its economy and expand its defense industry, largely due to increased trade with China, imports of dual-use goods from third countries, and direct military aid from North Korea and Iran, The Financial Times added.
Russia’s notable increase in arms production, especially artillery shells, missiles, and kamikaze drones, has alarmed Western capitals as they hurriedly boost their own defense production to support Kyiv against Moscow’s aggression.
“We’ve been clear with China that we see Russia as gaining support from goods that Chinese firms are supplying to Russia,” Yellen said on Saturday.
“On their side, China emphasised that it is their policy not to provide Russia with military support — neither of us want this to be an issue with our bilateral relationship,” she added.
Since 2020, China’s trade with Russia has surged, exceeding $240 billion last year, more than doubling from $108 billion. Businesspeople have been crossing the border in large numbers to seek opportunities amid Western sanctions.
Beijing has asserted that it does not offer lethal support to Russia and argues that it is the West that is exacerbating the conflict by “adding fuel to the fire,” the report added.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock
27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
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