China is slowly distancing itself from the Russian economy, which is under sanctions. Last month, the two countries announced that their friendship “has no boundaries.” This was before Russia started the war in Ukraine.
Now that the Russian economy is being hit by sanctions from around the world, there is mounting evidence that China’s willingness and ability to help its northern neighbor may be limited. Beijing has refused to condemn Russia’s attack on Ukraine but wants to avoid the impact of sanctions, which it has repeatedly condemned as an ineffective way to resolve the crisis, CNN said in a statement.
“China is not a party to the crisis in Ukraine and does not want sanctions to affect it,” Foreign Minister Wang Yi said in a telephone conversation with his Spanish counterpart on Tuesday.
And on Wednesday, Beijing fully endorsed the comments made earlier this week by China’s ambassador to Ukraine. “China will never invade Ukraine. We will help, especially economically,” Fan Xiangong said in a press release from the Lviv region government.
Fears that Chinese companies could face U.S. sanctions because of their ties to Russia have fueled an epic sell-off in Chinese stocks in recent days. That collapse was overcome on Wednesday when Beijing pledged to implement policies to stimulate the shrinking economy and keep financial markets stable.
On Monday, US officials told CNN they had information that China had expressed its willingness to provide Russia with the requested military and financial assistance. China called this information “disinformation”.
Analysts say China is trying to strike a “delicate balance” between supporting Russia with its rhetoric and without further irritating the United States.