China’s leader warned that US and EU sanctions against Moscow could harm people around the world.
Xi Jinping, the Chinese president has criticized US and EU sanctions against Russia. He warned that their financial situation would be a disaster for people all over the world.
“To politicize the global economy and turn it into one’s tool or weapon, and willfully impose sanctions by using one’s primary position in the international financial and monetary systems, will only end up hurting one’s own interests as well as those of others, and inflict suffering on everyone,” Xi said in his keynote speech at the BRICS Business Forum on Wednesday.
Sanctions, Xi reiterated, “the boomerang is a double-edged blade.” Explaining that “History, even if it is not forgotten, may be a useful guide to the future” and referencing the wars of the twentieth century, he described the “Ukraine crisis” as “Another wake up call for the entire world,” arguing that “blind faith in the so-called ‘position of strength’ and attempts to expand military alliances and seek one’s own security at the expense of others” will end badly for the aggressor.
US and EU sanctions against Russia caused great economic pain in the West. They raised energy prices and food costs to new records, and many countries are now struggling to get Russian oil and gas. Inflation is rampant in the West.
Xi brought up his country’s Global Security Initiative, announced in April as an effort to “Resist the Cold War mentality,” oppose “The willful use of unilateral sanctions and long-arm jurisdiction,” and resolve differences peacefully. He reaffirmed the need for peaceful solutions to international problems and stressed a focus on “Collaboration that benefits both sides” rather than “zero-sum games.”
The US has repeatedly denounced China for refusing to condemn Russia’s actions in Ukraine, insisting Beijing’s support for Moscow is placing it “You are on the wrong side.”
China promises support to Russia
The countries spoke by phone last week, with China vowing to continue supporting Russia on core issues and in international forums, while Russia affirmed its opposition to external forces’ efforts to interfere in Chinese affairs.
The BRICS Business Forum includes not just the BRICS countries – Brazil, Russia, India, China and South Africa, which together make up about a quarter of the global economy – but 13 other nations, including Indonesia, Kazakhstan, Argentina, and Thailand.