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Saudi Arabia replaces Iraq as the "largest" recipient of Chinese investments
Shafaq News/ "The Financial Times" newspaper reported that China is trying to evade Western sanctions by refraining, in light of the continuation of the Ukrainian war, from pumping more investments into Russia within the framework of its new Silk Road project, and diverting its investments towards the Middle East, specifically Saudi Arabia, which took Iraq is at the fore.
The economic newspaper explained in a report translated by Shafak News Agency; China's investments in the framework of the "Belt and Road" project in the Russian economy fell to zero for the first time, which shows China's reluctance to violate the sanctions imposed on Russia in light of the Ukrainian war.
On the other hand, the newspaper pointed out that compared to Chinese contracts and pledges worth billions of dollars in the past, China did not conclude any new agreements with Russian entities within the framework of the "Belt and Road" in the first half of 2022.
The newspaper quoted a report issued by a center affiliated with Fudan University of China in Shanghai, which indicated that with the slowdown in Chinese investments in Russia, Beijing has strengthened its engagement with the Middle East.
It also quoted the director of the Center at Fodan University, Christoph Nedobel, as saying that the threat of Western-led sanctions may have deterred China from investing in Russia.
However, Nidopil considered that this decline may be temporary, and there is certainly a great engagement between Russia and China, adding that Chinese purchases of Russian energy sources have increased despite the Ukrainian war.
Chinese President Ji Jinping has made Russia a priority for Chinese investments under the "Belt and Road" framework for years.
The newspaper pointed out that the amount of Chinese money granted as loans to Russia between 2000 and 2017, amounted to 125 billion dollars, including 58 billion dollars from the China Development Bank, and 15 billion dollars from China's "Exim Bank", which is one of the largest Chinese banks.
The report indicated that China still depends on Russian supplies of oil by 15%, and by 8% for gas. However, new agreements concluded last February boosted these numbers, days before the start of the Russian invasion of Ukraine.
Despite Chinese criticism of international sanctions against Russia, its companies have so far been careful not to violate them.
According to statistics from China's Fudan University, the Kingdom of Saudi Arabia has now become one of the largest beneficiaries of the Chinese "Belt and Road" initiative, with Beijing strengthening its relations with Middle Eastern countries in general through various energy deals and contracts.
The report added that Beijing signed new deals worth $5.5 billion with Saudi Arabia in the first half of this year, a number greater than any deals concluded with any other country in this period, at a time when Chinese foreign investments have been widely stable.
The report added that during the year 2021, Iraq was the largest beneficiary of the "Belt and Road", as it concluded deals with the Chinese worth 10.5 billion dollars.
The report considered that China strengthened its position in the Middle East after the United States officially ended its combat mission in Iraq and the complete withdrawal of its forces from Afghanistan, recalling that US President Joe Biden visited Riyadh a few days ago, pledging that he would not move away and leave the void to be filled by China, Russia or Iran. .
Translation: Shafak News Agency
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The economic newspaper explained in a report translated by Shafak News Agency; China's investments in the framework of the "Belt and Road" project in the Russian economy fell to zero for the first time, which shows China's reluctance to violate the sanctions imposed on Russia in light of the Ukrainian war.
On the other hand, the newspaper pointed out that compared to Chinese contracts and pledges worth billions of dollars in the past, China did not conclude any new agreements with Russian entities within the framework of the "Belt and Road" in the first half of 2022.
The newspaper quoted a report issued by a center affiliated with Fudan University of China in Shanghai, which indicated that with the slowdown in Chinese investments in Russia, Beijing has strengthened its engagement with the Middle East.
It also quoted the director of the Center at Fodan University, Christoph Nedobel, as saying that the threat of Western-led sanctions may have deterred China from investing in Russia.
However, Nidopil considered that this decline may be temporary, and there is certainly a great engagement between Russia and China, adding that Chinese purchases of Russian energy sources have increased despite the Ukrainian war.
Chinese President Ji Jinping has made Russia a priority for Chinese investments under the "Belt and Road" framework for years.
The newspaper pointed out that the amount of Chinese money granted as loans to Russia between 2000 and 2017, amounted to 125 billion dollars, including 58 billion dollars from the China Development Bank, and 15 billion dollars from China's "Exim Bank", which is one of the largest Chinese banks.
The report indicated that China still depends on Russian supplies of oil by 15%, and by 8% for gas. However, new agreements concluded last February boosted these numbers, days before the start of the Russian invasion of Ukraine.
Despite Chinese criticism of international sanctions against Russia, its companies have so far been careful not to violate them.
According to statistics from China's Fudan University, the Kingdom of Saudi Arabia has now become one of the largest beneficiaries of the Chinese "Belt and Road" initiative, with Beijing strengthening its relations with Middle Eastern countries in general through various energy deals and contracts.
The report added that Beijing signed new deals worth $5.5 billion with Saudi Arabia in the first half of this year, a number greater than any deals concluded with any other country in this period, at a time when Chinese foreign investments have been widely stable.
The report added that during the year 2021, Iraq was the largest beneficiary of the "Belt and Road", as it concluded deals with the Chinese worth 10.5 billion dollars.
The report considered that China strengthened its position in the Middle East after the United States officially ended its combat mission in Iraq and the complete withdrawal of its forces from Afghanistan, recalling that US President Joe Biden visited Riyadh a few days ago, pledging that he would not move away and leave the void to be filled by China, Russia or Iran. .
Translation: Shafak News Agency
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