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How China is helping keep the Russian economy afloat (www.dw.com)

submitted 2 weeks ago by MicroWave@lemmy.world to c/world@lemmy.world

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China threw Russia an economic lifebelt after the West hit Moscow with sanctions over the war in Ukraine. As Putin prepares to visit Beijing this week to promote even closer ties, Washington is ramping up the pressure.

Days after Russia launched its full-scale invasion of Ukraine in February 2022, the West foisted deep sanctions on Moscow in the hopes of hurting Russia's ability to finance the conflict. The sanctions targeted politicians and oligarchs, froze foreign reserves, curbed access to Western technology and cut Russian banks off from the Swift international payment messaging system.

The financial penalties were widely expected to bring Russia to its knees. Initially, the ruble plummeted in value and the Russian economy contracted by 1.2% in 2022. Last year, however, Russia's growth outpaced both the United States and Europe at 3.6%. The country is on course for another strong year in 2024.

Much of that growth came in the way of trade with China, which acted as a counterweight to the West by refusing to impose sanctions and becoming a major buyer of Russian energy. Despite pressure from the US and the European Union, the two countries have formed a deeper alliance since the war started.

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[-] jimmydoreisalefty@lemmy.world -2 points 2 weeks ago

Many have spoken of this for a while, moslty seen yt videos on subject.

Notable one is Richard Wolff, another is Chris Hedges, but his show got canceled again for talking against status quo, hopefully he goes independent!

Thanks for sharing!

I did not recognize source:

Deutsche Welle (DW) is Germany's international broadcaster and one of the most successful international media outlets. We provide impartial news and information, giving people worldwide the opportunity to form their own opinions, assess issues of local and global significance and participate in social debates as active and informed citizens.

this post was submitted on 15 May 2024

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