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Thursday, July 18, 2024

China Opposes Western Sanctions, Accuses US of Economic Coercion

Beijing vehemently opposes US-led sanctions targeting Chinese entities amid accusations of supporting Russia's military operation in Ukraine, warning of negative impacts on global economic ties, while Russia's GDP growth and trade reorientation to Asia highlight the limitations of Western sanctions.

Beijing firmly opposes restrictions placed on its companies as part of the latest sanctions imposed on Moscow by Western countries, the Chinese Commerce Ministry said on Monday.

The US announced a new batch of sanctions against Russia on Friday, ahead of the second anniversary of the Ukraine conflict. The measures include trade curbs which target 63 entities from Russia, and 30 companies from China, Türkiye, the UAE, Kyrgyzstan, India, and South Korea for allegedly supporting Russia’s military operation in Ukraine.

According to the statement published on the Chinese Commerce Ministry’s official website, Washington’s new measures “damage the security and stability of global industrial and supply chains.”

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“The US approach is a typical example of unilateral sanctions, ‘long-arm jurisdiction’ and economic coercion, which undermines international economic and trade rules and order. China is firmly opposed to this,” the ministry said, adding that Beijing will take steps to “safeguard the legitimate rights and interests of Chinese enterprises.”

In a separate statement, the ministry commented on the latest sanctions imposed by the EU and UK, warning that they would also have a “negative impact” on global economic and trade ties. Brussels came up with its own Russia-linked sanctions package last week, which included restrictions on four Chinese companies, while the UK sanctioned three Chinese electronics firms.

The sanctions targeting non-Russian entities are designed to prevent companies around the world from aiding Moscow in circumventing Western restrictions adopted in previous packages. Moscow has criticized the sanctions policy as a whole, while noting that they have failed to destabilize the Russian economy, and have instead backfired on the countries that imposed them.

According to the latest official figures, Russia’s GDP expanded by 3.6% in 2023, outpacing both the US and EU. The sanctions have resulted in the country reorienting most of its trade to Asia, while many Western states have lost access to cheap Russian energy, facing soaring inflation and cost-of-living crises as a result.