https://www.dailymail.co.uk/news/article-10554519/Beijings-diplom...

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    https://www.dailymail.co.uk/news/article-10554519/Beijings-diplomatic-tightrope-Chinas-support-Russia-wavers.html

    China's support for Putin wavers as state banks limit finance for Russian oil and gas - in case THEY also get hit with sanctions for appearing to back Ukraine invasion

    • China, India and UAE abstained on UN resolution condemning Russia's invasion
    • Decision by China to abstain will come as a blow to Russia, which vetoed motion
    • The abstention was seen as a win for Western countries after last-minute talks
    • Meanwhile, several Chinese public banks are limiting financing to purchase raw materials from Russia, fearing Western sanctions could be imposed
    • About 30 percent of oil and gas produced by Russia now sold to China
    • Putin is relying on Russia's good relationship with China and Xi Jinping to bail him out of tough Western sanctions being imposed on Moscow
    • Last month, Xi marked 30 years of ties with Ukraine, hailing their 'deepening political mutual trust'. Ukraine is also a hub in China's Belt and Road Initiative



    China has found itself walking a diplomatic tightrope after Russia's full-scale invasion of Ukraine took many in Beijing by surprise.

    It was reported today that several Chinese public banks are limiting financing to purchase raw materials from Russia for fear of Western sanctions should they be seen to be supporting the Kremlin.

    About 30 percent of oil and gas produced in Russia now sold to China.

    Putin is relying on his ties to China's Xi Jinping to bail him out of the increasingly tough sanctions being put on Moscow by Western nations as the invasion escalates.

    Last night, China, India and the UAE abstained from voting on a UN Security Council resolution condemning Russia's illegal invasion of Ukraine.

    The vote was seen as another sign of the widening of the diplomatic split between the West and the East over Putin's aggression.

    However, China's decision not to fully veto the motion - as Russia did - will come as a blow to the Russian dictator, who is growing increasingly isolated.

    China has found itself walking a diplomatic tightrope after Russia's full-scale invasion of Ukraine took many in Beijing by apparent surprise. Picturd: Chinese President Xi Jinping, right, and Russian President Vladimir Putin talk during a meeting in Beijing, February 4, 2022

    China has found itself walking a diplomatic tightrope after Russia's full-scale invasion of Ukraine took many in Beijing by apparent surprise. Picturd: Chinese President Xi Jinping, right, and Russian President Vladimir Putin talk during a meeting in Beijing, February 4, 2022

    China's UN Ambassador Zhang Jun addresses the United Nations Security Council, Friday, Feb. 25, 2022. Last night, China, India and the UAE abstained from voting on a UN Security Council resolution condemning Russia's illegal invasion of Ukraine

    China's UN Ambassador Zhang Jun addresses the United Nations Security Council, Friday, Feb. 25, 2022. Last night, China, India and the UAE abstained from voting on a UN Security Council resolution condemning Russia's illegal invasion of Ukraine

    Late on Friday in New York, China abstained from voting on a draft UN Security Council resolution that would have deplored Moscow's invasion of Ukraine.

    The abstention, seen as a win by Western countries, was secured after a two-hour delay for last minute negotiations by the United States and others to secure China's abstention, diplomats said.

    Only last month, President Xi marked 30 years of ties with Ukraine, hailing the 'deepening political mutual trust' between them.

    Ukraine is a hub in the Belt and Road Initiative, a sprawling infrastructure and diplomatic undertaking that binds China closer with Europe.

    In a call on Friday, Xi told Putin that China 'respects the sovereignty and territorial integrity of all nations' and called for negotiations to calm the crisis.

    Now, according to Bloomberg, at least two of China's largest state-owned banks - ICBC and Bank of China - are restricting the purchase of Russian commodities.


 
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