China’s Foreign Minister Wang Yi has said his country and Russia have shown “strong resilience and strategic determination” in their relationship amid a volatile global landscape.
What Happened: Wang met with his Russian counterpart Sergei Lavrov at the Group of 20 summit in Bali, Indonesia, according to the Chinese foreign ministry, CNBC reported on Thursday.
Beijing will hold an “objective and fair” stance in Russia-Ukraine relations and support efforts geared at a peaceful resolution to the crisis, said Wang.
Lavrov said that the Russia-China relationship should not be subject to “external interference,” according to the foreign ministry statement, reported CNBC.
Why It Matters: Beijing refuses to label Russia’s attack on Ukraine as an invasion. Chinese President Xi Jinping reaffirmed support for President Vladimir Putin of Russia recently.
Even so, China has a lot at stake as it is a major Western trading partner despite its ties to Southeast Asia and an economy that has shed some dependence on trade for over a decade.
Early in the Ukraine war, the United States warned China against helping Russia in the Ukraine war, while China expressed its opposition to “unilateral sanctions.”
Recently, Putin said that Russian trade with China, India, Brazil, and South Africa jumped 38% amid Western sanctions.
The Russian leader said, “Russian oil supplies to China and India are growing noticeably.”
Photo via plavi011 on Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
