China has suspended investments in Russia under the global Belt and Road Initiative (BRI). This program covers sectors from ports to railways, data centers and mines. The Financial Times writes about it,
KYIV. UkraineGate . 25. July . 2022 | World News
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As reported, Russia was one of the main beneficiaries of Chinese development spending through the One Belt One Road program. This program is designed to be the world’s largest development program.
Therefore, in the first half of 2022, China did not conclude agreements with Russian organizations within the framework of the BRI.
According to Christopher Wang, director of the Center for Green Finance and Development at Fudan University in Shanghai, the threat of sanctions from the West could deter China from investing in Russia. However, this decline may be temporary. At the same time, despite the war, China’s purchase of Russian energy carriers has increased.
Due to the lack of Russian participation, Saudi Arabia became one of the biggest beneficiaries of the program. According to the results of the first half of 2022, the countries concluded agreements worth $5.5 billion.
It was noted that the absence of Russia in the program during 2022 was the first six-month period of absence of agreements between the countries. For 2021, Moscow and Beijing signed agreements worth about 2 billion dollars.
Since its inception in 2013, China’s total participation in the BRI is $932 billion, including $561 billion in construction contracts and $371 billion in investments.
Source: Ukrgate
