Seventeen businesses from mainland China and Hong Kong have been sanctioned following the United States' attempt to hold Moscow accountable for the death of Russian opposition leader Alexei Navalny and the ongoing war in Ukraine. The release of these new sanctions represents the largest number of sanctions imposed at a single time.
Secretary of the Treasury Janet L. Yellen commented on this situation, saying, "This solemn anniversary and Aleksey Navalny’s death in Russian custody are stark and tragic reminders of Putin’s brazen disregard for human life, from Ukrainians suffering the costs of his unprovoked war to people across Russia who dare to expose the corrupt abuses that fuel his regime." She added, "Russia’s economy and military-industrial base are showing clear signs of weakness in part due to the actions we, along with our partners and allies around the world, have taken to support Ukraine’s brave defense. Putin has mortgaged the present and future of the Russian people for his own aims to subjugate Ukraine. The Kremlin chooses to reorient its economy to build weapons to kill its neighbors at the expense of the economic future of its own people."
According to a news release by South China Morning Post, six of the Chinese firms that were sanctioned were involved in shipping microelectronics to Russia. This shipment helped Russia evade earlier sanctions imposed by the United States. Companies that are sanctioned by the United States have their assets in America blocked and are restricted from doing business with other entities within the country. Liu Pengyu, spokesperson for the Chinese embassy in Washington, described these sanctions as acts of unilateralism and bullying. "The US needs to correct its wrongdoing immediately, and stop containing and suppressing Chinese companies. China will continue to do what is necessary to firmly safeguard the lawful rights and interests of Chinese companies," said Liu.
South China Morning Post also reported that bilateral trade between China and Russia has grown between 25-30% annually. This growth is partially due to the elevated sanctions placed on Russia, which have increased the country's reliance on imports of Chinese goods and also boosted China's purchase of Russian oil.
