Chinese President Xi Jinping has not acted to help Moscow, despite strong ties with Russian President Vladimir Putin and criticism from the West over sanctions against Russia. The Chinese-led development bank Asian Infrastructure Investment Bank (AIIB) suspended all business with Russia and Belarus on March 3, signaling the limits of Beijing and Moscow's ties, Radio Free Europe reported. Similarly, Shanghai-based New Development Bank also suspended business with Russia on the same day.
On Sunday, several companies including PayPal, American Express canceled their operations in Russia and Belarus due to the ongoing military operation in Ukraine. This comes a day after credit card and payments giants MasterCard and Visa announced that all transactions were banned in Russia. Also, their cards issued by Russian banks will no longer work outside the country. However, economic ties between Russia and China have strengthened in recent years. Bilateral trade has been increased to turn China into Russia's largest trading partner. Both countries have sought more deals in the Chinese yuan, which is outside the US-dollar financial system.
Strong relations between Putin and Jinping
The strong ties between Moscow and Beijing were reflected in a meeting on February 5, when President Vladimir Putin met Xi Jinping on the sidelines of the Winter Olympics. It was their first face-to-face meeting in more than two years. The China-Russia Comprehensive Partnership of Coordination for a New Round was agreed on 5 June 2019, when Xi visited Russia. This was his eighth visit to Russia since 2013, reflecting the close ties between the two strong peoples.
After all, what is China afraid of?
Chinese state-owned financial institutions are quietly distancing themselves from Russia's economy, even as China has refused to call Putin's actions on Ukraine an invasion and condemned Western-led sanctions. The move reflects a carefully balanced move on the part of Beijing, as it seeks to strengthen ties with Moscow without openly violating sanctions. Indeed, China fears that its access to key Western export markets and the US dollar-focused international financial system could be threatened.
GDP Data: The pace of growth of the Indian economy slowed down, GDP was 6.3 percent in the second quarter of 2022-23
The country's economy has grown at the rate of 6.3 percent between July and September in the second quarter of the current financial year 2022-23. In the first quarter (1st Quarter) of the financial
GDP: GDP size may increase by 22 lakh crores, fiscal deficit will also increase by 3.3 lakh crores
Due to an increase in revenue collection and expenditure, the size of GDP can increase by Rs 22 lakh crore to 275-280 lakh crore in the current financial year. Earlier the government's estimate was Rs
IND vs. PAK Weather Update: Will it rain in the India-Pakistan match today also? Know the latest weather conditions of Colombo
One thing that has remained constant so far in the match between India and Pakistan in the Asia Cup is rain. After the India vs. Pakistan group stage match was washed out due to rain, it also
Big road accident in Bidar, Karnataka, horrific collision between auto-rickshaw and truck, 7 women killed
An auto rickshaw and a truck collided head-on in a village in Karnataka's Chittaguppa taluk late on Friday night. In this accident, 7 women died and 11 others were injured. These women were laborers
'Due to the terrorist attack in India...', Pakistan's first reaction on Pahalgam attack; Know what it said
So far 27 people have been reported dead in the terrorist attack in Pahalgam, Jammu and Kashmir. There is an atmosphere of panic in the whole country. In such a situation, the question is arising that
MP News: Claim of raising slogans of 'Pakistan Zindabad' during Rahul Gandhi's visit, politics heats up in MP
Politics has heated up in Madhya Pradesh after the slogan 'Pakistan Zindabad' was allegedly raised during Rahul Gandhi's Bharat Jodo Yatra. Chief Minister Shivraj Singh Chouhan wrote in a tweet that
Erdogan assures early reconstruction of Turkey, the death toll from devastating earthquake crosses 35,000
President Tayyip Erdogan, standing just a few steps away from the election, has promised that he will rebuild Turkey fast. Before this, the badly damaged buildings will be demolished and the debris
Younger brother welcomed in Sidhu Moosewala's house, this famous Punjabi singer arrived to congratulate the parents
After the murder of Punjabi singer Sidhu Moosewala, his parents were left completely alone. After about one and a half years, happiness has once again knocked on their house. Sidhu Moosewala's mother
PM Modi In Mahakumbh: PM Modi took a holy dip in Sangam, CM Yogi was also present with him.
On the eighth day of Maha Kumbh, Prime Minister Narendra Modi took a holy dip in the holy Sangam. After bathing, meditation, and Puja Aarti in Sangam, the Prime Minister left the fair area in a
Coronavirus Update: Corona cases continue to rise in the country, new cases cross 10 thousand
The process of increasing the cases of Coronavirus in the country is going on once again. In the last 24 hours, more than 10 thousand new cases have been registered across the country.
