After Western nations hit Russia with unprecedented economic and financial sanctions over the country鈥檚 invasion of Ukraine, China has announced that it won鈥檛 participate in unilateral sanctions. Instead, the country 鈥渨ill continue to maintain normal economic, trade and financial exchanges with relevant parties,鈥 Guo Shuqing, the head of China鈥檚 Banking and Insurance Regulatory Commission, said in a statement quoted by the Wall Street Journal on Wednesday.
China is Russia鈥檚 most important trading partner, accounting for 13 percent of the country鈥檚 exports in 2019. The world鈥檚 largest exporter is even more important as a supplier of goods for Russia, accounting for 22 percent of the country鈥檚 goods imports in the same year.
Among Russia鈥檚 eight most important import partners, China and Belarus are the only two countries not participating in the wide-ranging sanctions against the country, after that it would join Western countries in banning Russian banks from the SWIFT network and 鈥渁ctively participate in the international community's efforts for a peaceful resolution of the situation.鈥
