While the war between Russia and Ukraine goes on, there is another country that has a vested interest.
Ukraine’s top trading partner is China.
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The longer the fighting goes on, billions of dollars are stake, experts told The Voice of America.
The day after Russia invaded Ukraine, China’s media outlets were reportedly saying that Chinese President Xi Jinping suggested to Russian President Vladimir Putin that the dispute be solved through negotiation.
Two Chinese state-owned banks will restrict financing for Russian commodity purchases, suggesting there are limits to Beijing’s support for Moscow as the Kremlin confronts severe economic sanctions over its attack of Ukraine, according to Bloomberg.
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Trade between Ukraine and China grew to $7.69 billion in 2017 and reached $8.82 billion in the first 11 months of 2018, according to Ukraine’s Ministry of Economic Affairs website.
The two sides set a goal in 2019 of $10 billion per year, according to the ministry.
One major project that would be affected is a 3-year-old deal by Chinese networking giant Huawei to install 4G wireless services in the Kyiv metro system, according to Dexter Roberts, author of “The Myth of Chinese Capitalism.”
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Russia and Ukraine do aerospace and defense trade that involved the delivery of China’s first aircraft carrier in the late 1990s.
China reportedly became Ukraine’s biggest trading partner in 2019, with two-way trade estimated between $10 billion and $20 billion annually.
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Chinese investments in Ukraine are about $150 million per year, according to the report.
Among the items China looks to Ukraine for are commodities such as corn and barley.