Featured image of post China's Sinopec pauses Russia projects, Beijing wary of sanctions

China's Sinopec pauses Russia projects, Beijing wary of sanctions

China's state-run Sinopec Group has suspended talks for a major petrochemical investment and a gas marketing venture in Russia, sources told Reuters, heeding a government call for caution as sanctions mount over the invasion of Ukraine.

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China’s state-run Sinopec Group has suspended talks for a major petrochemical investment and a gas marketing venture in Russia, sources told Reuters, heeding a government call for caution as sanctions mount over the invasion of Ukraine.

Highlights

  • China’s state-run Sinopec Group has suspended talks for a major petrochemical investment and a gas marketing venture in Russia.
  • The move highlights the risks, even to Russia’s most important diplomatic partner, of unexpectedly heavy Western-led sanctions.
  • China’s three state energy giants have been assessing the impact of the sanctions on their multi-billion dollar investments in Russia, sources with direct knowledge of the matter said.
  • Beijing has repeatedly voiced opposition to the sanctions, insisting it will maintain normal economic and trade exchanges with Russia and has refused to condemn Moscow’s actions in Ukraine or call them an invasion.
  • The European Union and Britain last month imposed sanctions on Timchenko.