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© Reuters. FILE PHOTO: Flags of China and Russia are displayed on this illustration image taken March 24, 2022. REUTERS/Florence Lo/Illustration
BEIJING (Reuters) -China elevated its general commerce with Russia and war-hit Ukraine within the first quarter from a yr earlier in yuan phrases, and Beijing stated financial cooperation with each nations would stay regular.
General commerce with Russia rose to 243.03 billion yuan ($38.18 billion) in January-March, Chinese language customs spokesman Li Kuiwen stated at a press convention on Wednesday, up 27.8% from a yr earlier.
Commerce with Ukraine climbed to 29.6 billion yuan, Li stated, up 10.6%.
Russia invaded Ukraine on Feb. 24 in a transfer that Moscow described as a “particular navy operation” wanted to defend Russian-speaking individuals in Ukraine.
Beijing has refused to name Russia’s motion an invasion and has repeatedly criticised what it says are unlawful Western sanctions to punish Moscow.
A number of weeks earlier than the assault on Ukraine, China and Russia declared a “no-limits” strategic partnership. However analysts say they’ve but to see any main indication China is violating Western sanctions on Russia.
China’s financial and commerce cooperation with different nations together with Russia and Ukraine stays regular, Li stated, noting the uptrend in commerce with each nations.
China’s general commerce with Russia reached 190.12 billion yuan in January-March 2021, whereas its commerce with Ukraine stood at 26.77 billion yuan throughout the identical interval, in keeping with earlier customs knowledge.
Russia’s economic system is heading in the right direction to contract by greater than 10% in 2022, former finance minister Alexei Kudrin stated on Tuesday, hit by hovering inflation and capital flight.
The World Commerce Group (WTO) on Tuesday revised down its forecast for international commerce progress this yr due to the affect of the Russia-Ukraine struggle.
($1 = 6.3646 )
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