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Home Economy

Good Ties at Risk, if You Keep Backing Russia

by Tradinghow
April 26, 2024
in Economy, Stock Trading
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Jens Stoltenberg, the secretary-general of NATO, gave a blunt warning to China on Thursday, saying it must stop supporting Russia’s war in Ukraine if it wants to enjoy good relations with the West.

In remarks made during a visit to Berlin, aimed at European leaders as well as China’s, the head of the Western military alliance said Beijing’s help was vital to Moscow’s war in Ukraine, because it is propping up Russia’s war economy by sharing high-end technology such as computer chips.

“Last year, Russia imported 90% of its microelectronics from China, used to produce missiles, tanks and aircraft. China is also working to provide Russia with improved satellite capabilities and imaging,” Stoltenberg said.

 

ALSO SEE: China Voices Concern on ‘Negative Factors’ in Dealings With US

 

“China says it wants good relations with the West. At the same time, Beijing continues to fuel the largest armed conflict in Europe since World War Two. They cannot have it both ways,” he warned.

 

Allies warned: Don’t get dependent on China

Stoltenberg cautioned Western allies against becoming as dependent on China as they had been on Russia.

“In the past, we made the mistake of becoming dependent on Russian oil and gas,” he said.

“We must not repeat that mistake with China. Depending on its money, its raw materials, its technologies – dependencies make us vulnerable.”

China has strengthened trade and military ties with Russia in recent years as the United States and its allies imposed sanctions on both, but particularly Moscow for the invasion of Ukraine.

China-Russian trade hit a record of $240.1 billion in 2023, up 26% from a year earlier, Chinese customs data shows. Chinese shipments to Russia jumped by close to 47% in 2023 while imports from Russia rose 13%.

Last month, Reuters reported that Russian President Vladimir Putin will travel to China in May for talks with Chinese President Xi Jinping, in what could be the first overseas trip of his new presidential term.

 

  • Reuters with additional editing by Jim Pollard

 

ALSO SEE:

US May Sanction Chinese Banks Helping Russian War — WSJ

ASML Will Not Service Some China Equipment, Outgoing CEO Hints

Trade With Russia Hit $240 Billion in 2023, China Says

Yellen Reminds China: Firms Helping Russia Will Face Sanctions

Chinese, Russian Firms Agree Multiple Deals as Ties Deepen

US Adds 42 Chinese Companies to Curbs List Over Russia Deals

Chinese Loans to Russia Quadruple Since Ukraine War – FT

Chinese Carmakers Grab Half of Russia’s Auto Market

Russia, China Announce Broad Partnership to Counter US

 

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.





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