China Slams US Sanctions on Russia's Largest Oil Companies, Calls Move "Unilateral"

Strategic Insights -

China on Thursday denounced the latest US sanctions on Russia's two largest oil companies, Rosneft PJSC and Lukoil PJSC, labeling them "unilateral" and lacking any basis in international law. The move was seen as a response to the collapse of a planned summit between US President Donald Trump and Russian President Vladimir Putin. China, a major trading partner of Russia, has maintained a neutral stance on the war in Ukraine and has refrained from condemning Moscow's actions.

Key Takeaways:

  • China's Foreign Ministry spokesman Guo Jiakun criticized the US sanctions as "unilateral" and "lacking any basis in international law," echoing Beijing's long-standing opposition to such measures.
  • Guo also condemned the European Union's simultaneous sanctions on several Chinese companies, calling them "irresponsible" and a threat to normal business exchanges between China and Russia.
  • China urged the EU to "stop making an issue out of China" and warned that Beijing will take "all necessary measures to safeguard its legitimate rights and interests."
  • Guo emphasized that dialogue and negotiations are the only feasible way out of the Ukraine crisis, countering Trump's suggestion that Chinese President Xi Jinping had a role to play in resolving the conflict.
  • The sanctions are expected to severely impact India's ability to continue buying crude oil from Russia, citing the likely crippling effect on Moscow's oil exports.

Statistics:

  • US President Donald Trump announced the sanctions on Wednesday, targeting Rosneft PJSC and Lukoil PJSC.
  • China has not condemned Russia's actions in Ukraine, despite maintaining a neutral stance on the conflict.
  • The European Union's sanctions on Chinese companies were agreed upon on the same day as the US move.
  • China and Russia have maintained significant trade ties, with Beijing being a major trading partner of Moscow.
  • India, a member of the BRICS nations, is heavily reliant on Russian oil imports, which are likely to be severely impacted by the sanctions.

Sources:

  • "China Slams US Sanctions on Russia's Largest Oil Companies, Calls Move 'Unilateral'" - TOI Business Desk China on Thursday
  • "Guo speaks at daily press briefing" - Foreign Ministry spokesman Guo Jiakun (no date available)