Maroc - ENG.UATV.UA - A La Une - 01/Jul 20:47

“Shadow banks” will not help Russia solve sanctions-related problems, – economist

The creation of “shadow banks” will not allow Russia to solve a large number of problems associated with the imposed sanctions. Ivan Us, Candidate of Economic Sciences, Chief Consultant at the Center for Foreign Policy Research at the National Institute for Strategic Studies, stated this on the FREEDOM TV channel. “Of course, there is an analogue of the “shadow fleet” - “shadow banks”. Of course, some banks can be created, but this means that those banks that will be created must be autonomous from the general banking system. Why is the Bank of China example important? China is making it clear to Russia that we are part of the global economy, and we don’t want to have problems with our partners because of you,” he said. The economist noted that Russia's share in China's trade turnover in 2023 is 4%, and the share of the United States and the European Union is 24%. “Therefore, China makes it clear that, you know, we will create opportunities for you to trade somewhere, but it will be small volumes, and these will not be some important companies. That is, they will not be able to solve basic problems, at least at a large level. They will, of course, help solve some minor problems, but nothing more. That is, this, it seems to me, is another signal, by the way, not the first,” Us said. The economist noted that recently the Chinese company Wison New Energies, which was engaged in the construction of modules for Arctic LNG-2, announced that it was curtailing its activities in the Russian Federation because it does not want to lose other, more significant projects due to sanctions. “That is, this, it seems to me, is another signal from China that, despite some political support that Russia receives from it in its activities, China is definitely not going to help it economically. And this will only accelerate the collapse, to which the Russian economy is getting closer and closer,” he said. Read also: Russia seeks to drive a wedge between NATO and EU Earlier, Russian economic commentator Maxim Blunt said that Chinese banks are increasingly shunning Russia. In particular, the Russian subsidiary of the Chinese Bank of China suspended all transactions with Russian banks that were subject to US sanctions. This hits Russian exporters and importers and has distorted Chinese supplies to Russia, which is already reflected even in statistics. The post “Shadow banks” will not help Russia solve sanctions-related problems, – economist appeared first on Freedom.