News Analysis As the world’s most influential countries unite in a harsh response to the Ukraine invasion, imposing crippling economic sanctions on Russia, the United States is attempting to break up the Beijing-Moscow axis, with possible sanctions on Chinese companies that continue to support Russia. The United States has responded to the growing threat from…
US Response to China-Russia Axis: Building Alliances and Extending Sanctions
March 2, 2022
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ChinaEurope-China RelationsInternational RelationsOpinionRussiasanctionsThinking About ChinaUS-China relations
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China Says It Won’t Join Sanctions on Russia, Trade Will Go on as Normal
March 2, 2022
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Business & EconomyChinaChina Business & Economyeconomic policiesEuropeEurope-China RelationsInternationalInternational RelationsRussiaRussia-Ukraine WarsanctionstradeUkraineWorld
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Beijing is not partaking in Western sanctions against Russia and opposes such unilateral measures, the country’s banking regulator said on March 2. “As far as financial sanctions are concerned, we don’t approve of them, particularly those launched unilaterally, because they won’t have good effects and don’t have much legal basis,” said Guo Shuqing, chairman of…
Russia’s Aviation Sector Poised for Pain as Boeing Cuts Parts, Maintenance
March 2, 2022
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BoeingBusiness & EconomyCompanieseconomic policieseconomyEuropeInternationalMarketsRussiaRussia-Ukraine WarsanctionsWorld
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Boeing has announced it’s pulling support for Russian airlines—including parts, maintenance, and technical support services—in a move that isolates the country’s aviation industry and comes amid a biting sanctions response to Russia’s invasion of Ukraine. A Boeing spokesperson told The Epoch Times in a statement that the company was suspending major operations in Moscow and…
Oil Markets Hit Multiple Records as Russia Sanctions Bite, Disrupt Trade Flows
March 2, 2022
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Business & EconomycommoditiescrisisEuropeglobalMarketsOilRussiaRussia-Ukraine WarsanctionsstocksUkraineWorld
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Oil benchmarks are hitting multiple prices and spread milestones across several key markets as the fallout from severe sanctions on key exporter Russia sows confusion and panic among global crude oil traders, shipping firms, and importers. Brent crude topped $112 a barrel on Wednesday, the highest since 2014, shrugging off news that several developed countries…
Operator of Nord Stream 2 Fires All Employees After US Sanctions
March 2, 2022
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Business & EconomyCompanieseconomyEuropeGazpromInternationalJoe BidenMarketsNord Stream 2 pipelineRussiaRussia-Ukraine WarsanctionsUkraineWorld
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The operator of Nord Stream 2 has terminated all contracts with employees after it was hit with U.S. sanctions following Russia’s invasion of Ukraine. The Nord Stream 2 gas pipeline project represents an $11 billion investment from Russia and is designed to carry 55 billion cubic meters of natural gas from Russia to Germany every year….
Russian Oil Trade in Disarray Over Sanctions as Prices Blast Through $100/Bbl
LONDON—Russian oil trade was in disarray on Tuesday as producers postponed sales, importers rejected Russian ships and buyers worldwide searched elsewhere for needed crude after a raft of sanctions imposed on Moscow over the war in Ukraine. Numerous nations imposed sweeping sanctions against Russian companies, banks, and individuals following Russia’s invasion of Ukraine last week…
Like China, Russia Will Use Digital Cash to Evade US Sanctions
Commentary Unless you happen to live under a rock, you are no doubt aware that the Chinese Communist Party (CCP) has rolled out its own digital currency, the digital yuan. Designed to directly compete with the U.S. dollar, the digital yuan was also designed for another reason—to evade U.S. sanctions, according to experts. Another country that has…
US Shipper UPS Halts Overflights of Russia
WASHINGTON—U.S.–based United Parcel Service Inc. said Tuesday it has halted overflights of Russia as the White House continues to debate whether to close U.S. airspace to Russia. A UPS spokesman said the company has “put contingency plans in place to continue serving customers, while not flying in restricted areas. That includes not overflying Russia.” American…
Russia Sanctions Snarl Flights, Compound Airline Industry Woes
HELSINKI/PARIS/CHICAGO—Airlines are bracing for potentially lengthy blockages of key east-west flight corridors after the European Union and Moscow issued tit-for-tat airspace bans and Washington did not rule out similar action in response to Russia’s invasion of Ukraine. Industry officials say the Biden administration would ban Russia from U.S. airspace. The White House said on Monday…
Russian Economy Faces Point of No Return As World Targets Kremlin
March 1, 2022
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Business & Economycommoditieseconomic policieseconomyEuropeinflationMarketsRussia economyRussia-Ukraine WarsanctionsWorld
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Since President Vladimir Putin invaded Ukraine, the international community has pummeled Russia with a series of financial penalties and economic sanctions targeting leaders, state-owned firms, and financial systems. Is Moscow at the point of no return? The Russian ruble fell to an all-time low of 119.25 per dollar on Monday, losing about 32 percent of…
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