Bloomberg reported on the 19th (local time) that the United States is contemplating imposing sanctions on Chinese firms that are supporting Russia’s military actions in Ukraine. This consideration comes at a challenging time for China, which is grappling with its economic issues.
Gerry Connolly, a Democratic representative on the U.S. Senate Foreign Relations Committee, announced that the U.S. Congress is considering sanctions against Chinese companies helping Russia.
Earlier last week, the European Union proposed a similar measure.
Connolly highlighted the deep economic ties between China and Russia, noting, “China’s significant involvement in the Russian economy, already suffering from Western sanctions, puts it at a greater risk. Sanctioning Chinese companies assisting Russia is on the table, and China stands to lose more in this equation.”
The U.S. Congress appears to be preparing such sanctions in coordination with the EU.
The EU is moving forward with plans to sanction Chinese corporations, accusing them of helping Russia circumvent Western sanctions aimed at halting the conflict in Ukraine.
With the war approaching its second anniversary, the EU is accelerating the preparation of a sanctions package, particularly in the wake of the death of Alexei Navalny, a leading Russian dissident, underscoring the urgency for new measures.
As the U.S. considers new sanctions against China and the EU, China is expected to experience a significant shock.
Bloomberg predicted that the sanctions from the U.S. and EU could inflict severe damage on the Chinese economy, which is already in recession due to slower-than-expected COVID-19 recovery and turmoil in the real estate sector.
sinopark@news1.kr