Today China is a key economic partner of Russia and Belarus

8 марта 2022
Most experts agree that in the short and long term Beijing, may become the key beneficiary of everything that is happening now. Consequently, both Belarus and Russia need to diversify their economies. This opinion was expressed by Ekaterina Arapova, Director of the Center for Sanctions Policy Expertise of the Institute of International Studies of MGIMO MFA of Russia.

Ekaterina Arapova, Director of the Center for Sanctions Policy Expertise of the Institute of International Research at MGIMO of the Ministry of Foreign Affairs of Russia:

“We are cut off from Western sources of financing, we are blocked from accessing our correspondent accounts, almost in real time the opening of correspondent accounts in Chinese banks. This is the first thing. The second thing is the difficulties with freight traffic. If suddenly the sanctions escalate in this direction, there is a very high chance that part of the vacant market for container traffic service will be taken by Chinese companies. The third point: for a long time now both Russia and China have been interested in gradually reducing the share of transactions in dollars and euros and increasing the share of mutual settlements in the national currency. We have bilateral agreements, and I think this cooperation will expand, and the share of the yuan and rubles in mutual settlements will grow. In other words, China could potentially win in various areas, and it understands that there are certain niches that are becoming right now.”