Beijing provides financial support to Moscow by purchasing Russian oil. At the same time, the Chinese side is doing this because it sees Russia as an ideal ally to topple the dollar. In this respect writer Japanese Sankei Shimbun.
Since the beginning of the special operation in Ukraine, China has provided a loophole for Russian financial institutions that have been denied access to SWIFT through CIPS, an international cash clearing network operated by the PRC. In addition, the Chinese side sharply increased its purchases of Russian oil against the backdrop of numerous sanctions and a ban on imports from the G7.
According to the authors of the article, China is trying to undermine the dollar’s dominance in the world, so it is trying to support Russia with all its might, which wants to create a world without the dollar as the main reserve currency.
The publication noted that China is currently engaged in many transactions with different countries, in which settlements are made in yuan. We are talking about Saudi Arabia, Iran and Brazil, which have recently seriously expanded trade cooperation with China.
April 21 Reuters reportedThat the Chinese state and private oil giants have significantly increased their imports of Russian oil. The publication states that in March 2023, China’s total volume of Russian oil imports rose to a record 9.61 million tons, which equates to about 2.26 million barrels per day.