EU Targets Chinese Firms in New Russia Sanctions
The European Union plans to sanction Chinese firms believed to be actively helping Russia dodge Western sanctions, three EU officials told CNBC, quoted by News.ro.
This unprecedented move marks the first time mainland Chinese businesses are targeted since the Ukraine war began.
Intensifying its response to Russia's invasion of Ukraine, the EU is assembling its 13th sanctions package. Release is expected near February 24th, the two-year mark of the conflict. Officials state a focus on "Chinese companies and entities in other third countries that are involved in supporting Russia's circumvention of sanctions."
Discussions amongst EU ambassadors are underway, with sources highlighting concerns over the increasingly close Moscow-Beijing relationship. 2023 saw record-breaking $240 billion in China-Russia trade.
The looming sanctions follow reports of China, Hong Kong, Turkey, and the UAE supplying Russia with vital components from Western nations.
Following Russia's invasion of Ukraine, the EU has enacted numerous sanctions restricting financial activity, trade, and technology sharing with Russia. While impacting the Russian economy, these sanctions unintentionally fueled energy price increases globally.
This new wave of sanctions sends a stark message to China about the unacceptability of aiding Russia's war efforts. It signals the EU's determination to isolate Russia with far-reaching economic consequences.
Translation by Iurie Tataru
