This pool photo, published by Russian state news agency Sputnik, shows Russian President Vladimir Putin (Republican) posing for a group photo during the 3rd Belt and Road International Cooperation Forum held at the Great Hall of the People in Beijing in October. ) and Chinese President Xi Jinping. 18, 2023.
Grigory Sysoev AFP | Getty Images
The European Union is considering sanctions on Chinese companies it believes helped Russia evade Western sanctions, and for the first time since the war began, it is considering taking action against these mainland Chinese companies. three EU officials told CNBC.
The 27-nation bloc is working on a 13th sanctions package in response to Russia's full-scale invasion of Ukraine, which could be ready later this month on the war's second anniversary.
One EU official, who declined to be named due to the sensitive nature of the negotiations, said “Chinese companies and other third-party entities involved in helping Russia evade sanctions” would take part in the next round. Measures imposed against Russia in the Ukraine war.
Another official said the EU's 27 ambassadors will discuss the proposal at a meeting on Wednesday, adding that “work is ongoing”.
The comments came in the wake of a Bloomberg report that the proposed sanctions include three companies based in China.
European officials have long emphasized the close ties between Moscow and China. “Russia's failure is also economic. Sanctions have cut off its economy from modern technology and innovation,” European Commission President Ursula von der Leyen said at the World Economic Forum in Davos last month. Russia is now dependent on China.”
According to Reuters, trade relations between China and Russia hit a record high of $240 billion in 2023, according to data released by the General Administration of Customs of China in January. The figures showed an increase in Russia's purchases of Chinese-made cars and smartphones.
CNBC reported in January that Russia is still acquiring Western technology despite continued sanctions. Research shows that China, Hong Kong, Turkey and the United Arab Emirates are becoming increasingly important in funneling critical components from the West to Russia.
