China Moves To Restrict Financing For Russian Commodities
According to Bloomberg, the Industrial and Commercial Bank of China (ICBC) has ceased the issuance of dollar-denominated letters of credit for physical Russian commodities purchases. Beijing’s move is an apparent attempt to comply with U.S. and European sanctions. On Friday morning, in a telephone call between Chinese President Xi Jinping and Russian President Vladimir Putin, Xi allegedly urged Putin to negotiate with Ukraine.
China’s commodities financing restrictions come despite the lack of any US or European sanctions targeting Russia’s energy industry.
China is Russia’s biggest trading partner and Western sanctions will impact major investments and financial ties. Ukraine, too, is a key trade partner for China.
China’s about to learn that Russia thinks it’s the one wearing the pants in the relationship. Xi’s gonna realize he’s made a big mistake.
Josiah Turner
HAH. In your face, whoever it was who said China and Russia were best buddies in a previous thread. I told you they were "fair weather friends". China wants Vladivostok.
Tyler Diaz
(((experts))) say
Jose Moore
OH NO NO NO NO HAHA
who does put put have left now?
Iran?
War torn Syria?
KEK
Joshua Stewart
they never disavowed it idiot they just want to appease the Zog monsters
Joshua White
Cope nigger i won you lost
Sebastian Jones
>Xi’s gonna realize he’s made a big mistake. Xi is already unhappy because the Chinese media was pushing the 'Russia won't invade, that's just US propaganda!' angle right until it actually happened. If he's openly saying things like 'China respects Ukraine's sovereignty' and 'Putin needs to negotiate an end to this shit' then that speaks volumes about how irritated the Chinese are.
Basically yeah. 30% of Russia's trade goes to China so this is a huge blow, especially given that the Russian economy is going into a major depression no matter what now (even if the whole war got called off today this would still be the case). China is trying to be diplomatic but ultimately it does well out of the USD and wants the status quo to remain, unlike Putin who is at the helm of a sinking ship and trying to change the world order at the last second to stay afloat.
Adrian Wright
lol Putin is going to lose so bad it's going to make Xi reconsider Taiwan hilarious the last thing I would have predicted
Gabriel Green
I think the key point here is "dollar-denominated", which both China and Russia don't particularly care for anyway. An encouragement away from the dollar
Thomas Morales
>Memeflag >China demands China is in no position to demand. They still can’t even invade a tiny island. China lost all credibility after bitching out.
Yeah, they are finally moving to Euros/Yuan, it only took 7 years of posturing
Bentley Edwards
What they really did was to deliver another punch at the dollar.
Nathaniel Clark
These are automatic regulations to comply with sanctions dumbass, or else the sanctions by the EU and US would apply who China for failing to comply.
Chinese banks also automatically had to issue these regulations for North Korea and Iran when the US and EU sanctioned them. Or else China would be sanctioned and no financial transactions could be conducted with the west.
Putin knew this was going to happen and decided to pay the economic price.
Charles Murphy
>China moves to yuan for their trade with Russia >Somehow this is a move against Russia Kys
Thank fuck for that The danger in this has always been Russia forcing a commitment from NATO and using it to kick off in the Pacific If they're putting the screws on Russia now that means they've got cold feet Of course, we still have a couple of decades before the Hundred Year Plan comes to a close, maybe they're happy with what's happened here and want Russia slapped around a bit and knocked down a peg
Michael Bennett
>moves to restrict dollars you fucking memeflaggot niggerkike
Ian Sullivan
Lmao, imagine if Pootin gets so buttmad about China turning their backs on him that he starts a nuclear war with China and forgets about Europe/US, and where they destroy each other.
