(VitalNews.org) – The European Union is looking to sanction Chinese firms that they believe have helped Russia. They are looking to impose sanctions that would target mainland China businesses in order to mitigate the aid of Russia.
The 27-member EU group decided on a series of sanctions that they could impose on Russia in the wake of their invasion of Ukraine. “Chinese companies and entities from other third countries, which are involved in supporting Russia to circumvent sanctions” will be featured in the next round of measures against Russia for its continued assault on Ukraine
“Russia’s failure is also economic. Sanctions have decoupled its economy from modern technology and innovation. Russia is now dependent on China,” said Ursula von der Leyen, European Commission President. It’s said that there are three main businesses involved in funneling funds to Russia that will be sanctioned.
Data was released in January from China’s General Administration of Customs documenting China’s trending relationship with Russia hit an all-time high of $240 billion in 2023. The figures show that Russia has increased its purchases of Chinese cars and smartphones. This means that Russia is still obtaining Western technology even though there have been ongoing sanctions. In particular, we’ve seen China, Hong Kong, Turkey, and the United Arab Emirates helping Russia.
There has been a bit of a rush to get sanctions in place and to impact Russia’s reliance on China and Beijing to supply them with aid, technology, or anything else that may assist in their war effort.
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