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Ukraine: how China is preparing for possible sanctions for its support of Russia

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China is already preparing its rear to escape possible sanctions for its support of Russia. CNOOC, the Chinese energy giant, is selling part of its assets in Western countries and it is not the only one to take this radical decision. Let us clarify in Beijing from our correspondent.

China is gradually withdrawing its marbles from Western countries to prevent possible American sanctions. Beijing still refuses to condemn the war in Ukraine and maintains good relations with Russia, eyeing its hydrocarbons. China’s largest oil and gas company, CNOOC, is the first to pack up and sell its estimated $15 billion in assets in North America alone.

“The situation is not about to improve”

“For many Chinese companies listed on the US stock exchange, it’s game over. I think that due to the lack of trust between the US and the Chinese government, the situation is not ready to go. improve”, explains at the microphone of Europe 1 David Loevinger, specialist in emerging markets.

Assets frozen in the United States

Because the war in Ukraine was the trigger for a crisis that has already been brewing since 2020. At the time, CNOOC and around thirty Chinese companies were placed on a blacklist by the American administration for their supposed links with the People’s Army of China, with the risk already of seeing their assets frozen in the United States.

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