The West has, however, largely cut off Russia’s access to the world banking system, which is a very big deal. Russian exporters may be able to get their stuff out of the country, but it’s now hard for them to get paid. Probably even more important, it’s hard for Russia to pay for imports — sorry, but you can’t carry out modern international trade with briefcases full of $100 bills. In fact, even Russian trade that remains legally permitted seems to be drying up as Western companies that fear further…
Day: March 7, 2022
The China Factor in Tech Export Controls Against Russia
Advertisement Technology export controls have taken a prominent place in the response of the United States and its allies to Russia’s invasion of Ukraine. By applying the so-called Foreign Direct Product Rule (FDPR) to Russia, the U.S. cuts off Russian customers not only from U.S. technology but also from foreign-produced items that contain or were developed with controlled U.S.-origin technology or software. The Biden administration imposed one FDPR on Russian military end users and one Russia-wide FDPR (the latter excludes some low-technology consumer goods). U.S. allies and partners that are…
China Calls Russia Its Chief ‘Strategic Partner’ Despite War
Advertisement China’s foreign minister on Monday called Russia his country’s “most important strategic partner” as Beijing continues to refuse to condemn the invasion of Ukraine despite growing pressure from the U.S. and European Union to use its influence to rein Moscow in. Wang Yi said Chinese ties with Moscow constitute “one of the most crucial bilateral relationships in the world.” China has broken with the U.S., Europe, and others that have imposed sanctions on Russia after its invasion of Ukraine. Beijing has said sanctions create new issues and threaten a…
Xi and Putin’s ‘No Limits’ Bond Leaves China Few Options on Ukraine
On a frigid day in Beijing last month as the Winter Olympics were set to open, China’s leader, Xi Jinping, celebrated a diplomatic triumph with a banquet for his honored guest, President Vladimir V. Putin of Russia. They had just finalized a statement declaring their vision of a new international order with Moscow and Beijing at its core, untethered from American power. Over dinner, according to China’s official readout, they discussed “major hot-spot issues of mutual concern.” The details remain secret, but their talks were a crucial moment in the…